Ecofi Investissements SA Buys Shares of 81,400 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Ecofi Investissements SA purchased a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 81,400 shares of the company’s stock, valued at approximately $2,349,000. Allegro MicroSystems accounts for 1.3% of Ecofi Investissements SA’s portfolio, making the stock its 23rd largest holding.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Versant Capital Management Inc raised its holdings in Allegro MicroSystems by 1,957.1% during the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares in the last quarter. Pineridge Advisors LLC acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at $49,000. GAMMA Investing LLC boosted its stake in Allegro MicroSystems by 52.2% during the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after buying an additional 603 shares in the last quarter. TFO Wealth Partners LLC boosted its stake in Allegro MicroSystems by 26,361.5% during the fourth quarter. TFO Wealth Partners LLC now owns 3,440 shares of the company’s stock valued at $104,000 after buying an additional 3,427 shares in the last quarter. Finally, CWM LLC grew its holdings in Allegro MicroSystems by 27.7% during the second quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after acquiring an additional 921 shares during the period. 56.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ALGM. UBS Group initiated coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target for the company. TD Cowen raised their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, June 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $33.00 price target on shares of Allegro MicroSystems in a report on Friday, August 2nd. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Buy” and an average target price of $34.44.

Insider Buying and Selling

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 59,732,782 shares in the company, valued at $1,383,411,231.12. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.50% of the company’s stock.

Allegro MicroSystems Stock Up 1.4 %

Shares of NASDAQ:ALGM opened at $24.31 on Monday. The firm has a 50 day simple moving average of $23.55 and a 200 day simple moving average of $26.90. Allegro MicroSystems, Inc. has a 52 week low of $20.42 and a 52 week high of $33.26. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.98 and a current ratio of 4.65. The company has a market cap of $4.71 billion, a PE ratio of 31.17 and a beta of 1.68.

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

Allegro MicroSystems Profile

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.