Fort Washington Investment Advisors Inc. OH bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 464,591 shares of the company’s stock, valued at approximately $13,120,000. Fort Washington Investment Advisors Inc. OH owned 0.24% of Allegro MicroSystems at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of ALGM. GAMMA Investing LLC bought a new position in shares of Allegro MicroSystems in the 4th quarter valued at $28,000. Versant Capital Management Inc raised its holdings in Allegro MicroSystems by 1,957.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after acquiring an additional 1,096 shares during the period. Pineridge Advisors LLC purchased a new position in shares of Allegro MicroSystems during the 4th quarter valued at $49,000. Quadrant Capital Group LLC grew its position in Allegro MicroSystems by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after acquiring an additional 425 shares in the last quarter. Finally, Psagot Value Holdings Ltd. Israel boosted its position in Allegro MicroSystems by 28.5% during the fourth quarter. Psagot Value Holdings Ltd. Israel now owns 2,262 shares of the company’s stock valued at $70,000 after buying an additional 502 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.
Allegro MicroSystems Price Performance
Shares of NASDAQ ALGM opened at $24.53 on Friday. The firm has a market capitalization of $4.75 billion, a P/E ratio of 31.45 and a beta of 1.68. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.48 and a current ratio of 4.65. Allegro MicroSystems, Inc. has a one year low of $20.42 and a one year high of $38.81. The company’s fifty day moving average is $26.51 and its two-hundred day moving average is $28.09.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on ALGM. Mizuho cut their price objective on shares of Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, May 10th. Needham & Company LLC reiterated a “buy” rating and set a $33.00 price objective on shares of Allegro MicroSystems in a report on Friday, August 2nd. Barclays reduced their price target on shares of Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating for the company in a report on Friday, May 10th. TD Cowen boosted their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, Jefferies Financial Group started coverage on shares of Allegro MicroSystems in a report on Monday, May 13th. They issued a “buy” rating and a $37.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $34.63.
View Our Latest Stock Report on ALGM
Insider Transactions at Allegro MicroSystems
In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of Allegro MicroSystems stock in a transaction dated Wednesday, August 7th. The stock was 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 of the company’s stock, valued at $1,383,411,231.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.50% of the company’s stock.
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.
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