Clearbridge Investments LLC Cuts Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Clearbridge Investments LLC reduced its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 1.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,679,307 shares of the company’s stock after selling 51,961 shares during the period. Clearbridge Investments LLC owned approximately 1.90% of Allegro MicroSystems worth $103,904,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Versant Capital Management Inc grew its stake in shares of Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after buying an additional 1,096 shares in the last quarter. Pineridge Advisors LLC purchased a new position in shares of Allegro MicroSystems during the 4th quarter worth about $49,000. GAMMA Investing LLC boosted its stake in shares of Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after purchasing an additional 603 shares during the period. TFO Wealth Partners LLC boosted its stake in shares of Allegro MicroSystems by 26,361.5% during the 4th quarter. TFO Wealth Partners LLC now owns 3,440 shares of the company’s stock worth $104,000 after purchasing an additional 3,427 shares during the period. Finally, CWM LLC boosted its stake in shares of Allegro MicroSystems by 27.7% during the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after purchasing an additional 921 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Allegro MicroSystems

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the company’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 value of $232,001,015.40. Following the completion of the sale, the insider now owns 59,732,782 shares of the company’s stock, valued at approximately $1,383,411,231.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ALGM. UBS Group began coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $33.00 price target on shares of Allegro MicroSystems in a research note on Friday, August 2nd. Finally, TD Cowen lifted their price target 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. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $34.44.

Allegro MicroSystems Price Performance

Shares of ALGM stock opened at $21.70 on Thursday. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.65 and a quick ratio of 2.98. The company has a market capitalization of $4.21 billion, a P/E ratio of 27.82 and a beta of 1.67. The company’s 50-day simple moving average is $23.27 and its two-hundred day simple moving average is $26.79. Allegro MicroSystems, Inc. has a one year low of $20.42 and a one year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The business had revenue of $166.90 million for the quarter, compared to the consensus estimate of $165.04 million. During the same period in the prior year, the firm earned $0.34 EPS. The company’s revenue for the quarter was down 40.0% compared to the same quarter last year. As a group, equities analysts anticipate that Allegro MicroSystems, Inc. will post 0.16 EPS for the current 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.