Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue lifted its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 9.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 120,110 shares of the company’s stock after buying an additional 10,370 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.06% of Allegro MicroSystems worth $2,797,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ALGM. Vanguard Group Inc. raised its position in 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 period. Clearbridge Investments LLC increased its stake in shares of Allegro MicroSystems by 6.7% during the first 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. Principal Financial Group Inc. raised its position in shares of Allegro MicroSystems by 0.5% during the 2nd quarter. Principal Financial Group Inc. now owns 2,190,817 shares of the company’s stock worth $61,869,000 after purchasing an additional 11,230 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Allegro MicroSystems by 15.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock valued at $60,673,000 after buying an additional 285,747 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Allegro MicroSystems by 45.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock worth $36,207,000 after buying an additional 397,681 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $20.84 on Friday. Allegro MicroSystems, Inc. has a fifty-two week low of $19.71 and a fifty-two week high of $33.26. The firm has a market capitalization of $4.04 billion, a P/E ratio of 54.84 and a beta of 1.67. The stock’s fifty day moving average is $22.32 and its two-hundred day moving average is $25.97. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.98 and a current ratio of 4.65.

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

Analyst Ratings Changes

A number of equities analysts have commented on ALGM shares. Needham & Company LLC reduced their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday. UBS Group began coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Finally, Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research note on Friday, October 18th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Buy” and a consensus target price of $33.00.

Insider Activity

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of Allegro MicroSystems stock in a transaction that occurred 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 sale, the insider now owns 59,732,782 shares of the company’s stock, valued at approximately $1,383,411,231.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate 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.