Rhumbline Advisers Has $5.63 Million Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Rhumbline Advisers trimmed its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 3.8% in the second quarter, according to its most recent filing with the SEC. The firm owned 199,257 shares of the company’s stock after selling 7,891 shares during the period. Rhumbline Advisers’ holdings in Allegro MicroSystems were worth $5,627,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ALGM. Versant Capital Management Inc lifted its holdings in shares of Allegro MicroSystems by 1,957.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after acquiring an additional 1,096 shares during the period. Pineridge Advisors LLC bought a new position in Allegro MicroSystems during the 4th quarter valued at about $49,000. GAMMA Investing LLC lifted its holdings in Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after purchasing an additional 603 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in Allegro MicroSystems by 25.1% during the 4th quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock valued at $64,000 after purchasing an additional 425 shares during the last quarter. Finally, TFO Wealth Partners LLC lifted its holdings in Allegro MicroSystems by 26,361.5% during the 4th quarter. TFO Wealth Partners LLC now owns 3,440 shares of the company’s stock valued at $104,000 after purchasing an additional 3,427 shares during the last quarter. 56.45% of the stock is owned by institutional investors.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the sale, the insider now directly owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $33.00 price target on shares of Allegro MicroSystems in a report on Friday, August 2nd. TD Cowen boosted their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Finally, UBS Group initiated coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Allegro MicroSystems presently has an average rating of “Moderate Buy” and an average target price of $34.44.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $22.44 on Friday. The company’s fifty day simple moving average is $25.19 and its 200-day simple moving average is $27.46. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18. The firm has a market cap of $4.35 billion, a PE ratio of 28.77 and a beta of 1.68. Allegro MicroSystems, Inc. has a 12 month low of $20.42 and a 12 month high of $34.46.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The business had revenue of $166.90 million for the quarter, compared to analyst estimates of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The firm’s revenue for the quarter was down 40.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.34 earnings per share. Equities research analysts expect that Allegro MicroSystems, Inc. will post 0.16 EPS for the current fiscal year.

About Allegro MicroSystems

Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.