SG Americas Securities LLC Has $531,000 Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

SG Americas Securities LLC cut its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 16.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 22,783 shares of the company’s stock after selling 4,618 shares during the quarter. SG Americas Securities LLC’s holdings in Allegro MicroSystems were worth $531,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Versant Capital Management Inc increased its position 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 valued at $33,000 after buying an additional 1,096 shares in the last quarter. GAMMA Investing LLC grew its stake in Allegro MicroSystems by 52.2% in the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after acquiring an additional 603 shares during the period. CWM LLC increased its holdings in shares of Allegro MicroSystems by 27.7% in the second quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after acquiring an additional 921 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of Allegro MicroSystems during the second quarter worth about $211,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Allegro MicroSystems by 84.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 7,530 shares of the company’s stock valued at $228,000 after purchasing an additional 3,442 shares in the last quarter. 56.45% of the stock is owned by institutional investors.

Insider Activity at Allegro MicroSystems

In other Allegro MicroSystems 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 stock was sold at an average price of $23.16, for a total value of $232,001,015.40. Following the completion of the transaction, the insider now directly owns 59,732,782 shares in the company, valued at $1,383,411,231.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. UBS Group started coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $33.00 price objective on shares of Allegro MicroSystems in a research report on Friday, August 2nd. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $34.50.

Allegro MicroSystems Price Performance

NASDAQ ALGM opened at $20.46 on Wednesday. The firm’s 50 day moving average is $22.88 and its 200-day moving average is $26.40. 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 company has a market capitalization of $3.96 billion, a PE ratio of 26.23 and a beta of 1.67. Allegro MicroSystems, Inc. has a 12-month low of $19.82 and a 12-month high of $33.26.

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

Allegro MicroSystems Company 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.