Arizona State Retirement System Acquires 3,170 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Arizona State Retirement System boosted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 15.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,329 shares of the company’s stock after buying an additional 3,170 shares during the quarter. Arizona State Retirement System’s holdings in Allegro MicroSystems were worth $687,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Versant Capital Management Inc boosted 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 valued at $33,000 after purchasing an additional 1,096 shares in the last quarter. Pineridge Advisors LLC bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth $49,000. GAMMA Investing LLC increased its holdings in shares of Allegro MicroSystems by 52.2% during the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after buying an additional 603 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in shares of Allegro MicroSystems by 25.1% in the 4th quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock valued at $64,000 after acquiring an additional 425 shares during the last quarter. Finally, TFO Wealth Partners LLC boosted its holdings 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 valued at $104,000 after acquiring an additional 3,427 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Up 6.2 %

ALGM opened at $22.44 on Monday. Allegro MicroSystems, Inc. has a twelve month low of $20.42 and a twelve month high of $34.46. The company has a fifty day moving average of $25.19 and a 200-day moving average of $27.44. The stock has a market cap of $4.35 billion, a PE ratio of 28.77 and a beta of 1.68. 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 (NASDAQ:ALGM) last released its earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, topping 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 business had revenue of $166.90 million during the quarter, compared to analysts’ expectations of $165.04 million. During the same quarter last year, the firm posted $0.34 earnings per share. The firm’s revenue was down 40.0% on a year-over-year basis. On average, sell-side analysts predict that Allegro MicroSystems, Inc. will post 0.16 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. TD Cowen increased their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Needham & Company LLC reiterated a “buy” rating and set a $33.00 target price on shares of Allegro MicroSystems in a research report on Friday, August 2nd. Finally, UBS Group assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target for the company. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.44.

Insider Activity

In related news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $23.16, for a total transaction of $665,850,000.00. Following the transaction, the insider now directly owns 69,750,097 shares of the company’s stock, valued at $1,615,412,246.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by company insiders.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.