nVerses Capital LLC Makes New Investment in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

nVerses Capital LLC purchased a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 9,900 shares of the company’s stock, valued at approximately $231,000.

Other hedge funds have also modified their holdings of the company. Versant Capital Management Inc increased its stake in Allegro MicroSystems by 1,957.1% in the second 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. GAMMA Investing LLC increased its position in shares of Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after buying an additional 603 shares in the last quarter. CWM LLC raised its stake in 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 buying an additional 921 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in Allegro MicroSystems during the 2nd quarter worth $211,000. Finally, PNC Financial Services Group Inc. grew its stake in Allegro MicroSystems by 84.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 7,530 shares of the company’s stock valued at $228,000 after acquiring an additional 3,442 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on ALGM. Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday. UBS Group began coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $33.00 price target on shares of Allegro MicroSystems in a report on Friday, August 2nd. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $33.38.

Allegro MicroSystems Trading Up 0.4 %

NASDAQ:ALGM opened at $20.71 on Friday. The business has a 50 day moving average price of $22.79 and a two-hundred day moving average price of $26.28. 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 cap of $4.01 billion, a P/E ratio of 26.55 and a beta of 1.67. Allegro MicroSystems, Inc. has a twelve month low of $19.82 and a twelve month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data 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. The company had revenue of $166.90 million during the quarter, compared to analysts’ expectations of $165.04 million. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. Allegro MicroSystems’s revenue for the quarter was down 40.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.34 EPS. As a group, 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 on Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the transaction, the insider now directly owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.50% of the company’s stock.

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.