Allegro MicroSystems, Inc. (NASDAQ:ALGM) Position Increased by Sei Investments Co.

Sei Investments Co. raised its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 3.2% during the second quarter, HoldingsChannel.com reports. The firm owned 165,882 shares of the company’s stock after buying an additional 5,068 shares during the quarter. Sei Investments Co.’s holdings in Allegro MicroSystems were worth $4,685,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Allegro MicroSystems by 13.5% during the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after buying an additional 999,939 shares during the last quarter. 1832 Asset Management L.P. bought a new stake in Allegro MicroSystems in the fourth quarter worth approximately $28,756,000. Bamco Inc. NY increased its stake in shares of Allegro MicroSystems by 477.6% during the 1st quarter. Bamco Inc. NY now owns 668,811 shares of the company’s stock worth $18,031,000 after purchasing an additional 553,016 shares during the last quarter. Norges Bank bought a new position in shares of Allegro MicroSystems during the 4th quarter valued at $15,791,000. Finally, Silvercrest Asset Management Group LLC lifted its stake in shares of Allegro MicroSystems by 363.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock valued at $17,053,000 after purchasing an additional 495,935 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $22.04 on Wednesday. The company has a market cap of $4.27 billion, a price-to-earnings ratio of 28.26 and a beta of 1.68. The business has a 50 day moving average price of $23.33 and a 200 day moving average price of $26.82. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18. Allegro MicroSystems, Inc. has a twelve month low of $20.42 and a twelve month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.03 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $165.04 million. During the same period in the prior year, the business earned $0.34 earnings per share. Allegro MicroSystems’s revenue for the quarter was down 40.0% compared to the same quarter last year. Research analysts predict that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. TD Cowen upped their price objective 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. Needham & Company LLC reissued a “buy” rating and issued a $33.00 price objective on shares of Allegro MicroSystems in a research note on Friday, August 2nd. Finally, UBS Group began coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $34.44.

Insiders Place Their Bets

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.50% of the company’s stock.

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.