US Bancorp DE Sells 2,290 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

US Bancorp DE trimmed its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 31.5% during the third quarter, HoldingsChannel reports. The fund owned 4,969 shares of the company’s stock after selling 2,290 shares during the quarter. US Bancorp DE’s holdings in Allegro MicroSystems were worth $116,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Allegro MicroSystems in the first quarter worth $297,000. Russell Investments Group Ltd. grew its position in shares of Allegro MicroSystems by 238.9% in the 1st quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock valued at $1,503,000 after buying an additional 39,289 shares during the last quarter. ProShare Advisors LLC grew its position in shares of Allegro MicroSystems by 23.1% in the 1st quarter. ProShare Advisors LLC now owns 12,157 shares of the company’s stock valued at $328,000 after buying an additional 2,279 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Allegro MicroSystems by 13.5% during the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after acquiring an additional 999,939 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its stake in shares of Allegro MicroSystems by 6.7% in the first quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock worth $100,595,000 after acquiring an additional 235,335 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Down 3.8 %

Shares of NASDAQ:ALGM opened at $19.07 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. Allegro MicroSystems, Inc. has a 52-week low of $18.59 and a 52-week high of $33.26. The business’s 50 day simple moving average is $21.66 and its two-hundred day simple moving average is $25.44. The firm has a market cap of $3.51 billion, a P/E ratio of -136.21 and a beta of 1.69.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The company had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. Allegro MicroSystems’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same period last year, the business earned $0.36 EPS.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on ALGM shares. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a report on Friday, October 18th. 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 target price for the company. Loop Capital started coverage on shares of Allegro MicroSystems in a research report on Tuesday. They set a “buy” rating and a $30.00 price target on the stock. Barclays lowered their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Finally, Needham & Company LLC cut their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Allegro MicroSystems currently has an average rating of “Moderate Buy” and a consensus target price of $30.80.

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.