Allegro MicroSystems, Inc. (NASDAQ:ALGM) Holdings Raised by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 6.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 101,459 shares of the company’s stock after buying an additional 6,391 shares during the period. Envestnet Asset Management Inc. owned 0.05% of Allegro MicroSystems worth $2,865,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. 1832 Asset Management L.P. bought a new stake in shares of Allegro MicroSystems during the fourth quarter valued at approximately $28,756,000. Clearbridge Investments LLC raised its stake in shares of Allegro MicroSystems by 6.7% during the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock worth $100,595,000 after purchasing an additional 235,335 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its position in shares of Allegro MicroSystems by 363.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock valued at $17,053,000 after buying an additional 495,935 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Allegro MicroSystems by 238.9% in the first quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock valued at $1,503,000 after purchasing an additional 39,289 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Allegro MicroSystems by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 7,400,125 shares of the company’s stock valued at $224,002,000 after buying an additional 38,187 shares in 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 $21.09 on Friday. The company has a market capitalization of $4.09 billion, a PE ratio of 27.04 and a beta of 1.67. 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 business has a fifty day moving average price of $23.20 and a 200-day moving average price of $26.75. Allegro MicroSystems, Inc. has a 1-year low of $20.42 and a 1-year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results 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 firm had revenue of $166.90 million for the quarter, compared to analysts’ expectations of $165.04 million. During the same period in the prior year, the firm earned $0.34 EPS. The company’s revenue was down 40.0% compared to the same quarter last year. As a group, equities analysts expect that Allegro MicroSystems, Inc. will post 0.16 EPS for the current fiscal year.

Insider Transactions at Allegro MicroSystems

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

Wall Street Analyst Weigh In

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

Allegro MicroSystems 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.