Allegro MicroSystems, Inc. $ALGM Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Grows Position

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 106.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 48,569 shares of the company’s stock after acquiring an additional 25,100 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Allegro MicroSystems were worth $1,765,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ALGM. Transamerica Financial Advisors LLC purchased a new position in shares of Allegro MicroSystems in the 2nd quarter valued at $27,000. Rakuten Securities Inc. purchased a new stake in Allegro MicroSystems during the 2nd quarter worth $31,000. Parallel Advisors LLC boosted its position in Allegro MicroSystems by 42.8% during the 1st quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock worth $32,000 after purchasing an additional 302 shares during the period. Continuum Advisory LLC acquired a new stake in Allegro MicroSystems in the 2nd quarter valued at $35,000. Finally, Signaturefd LLC increased its holdings in Allegro MicroSystems by 51.3% in the 3rd quarter. Signaturefd LLC now owns 1,070 shares of the company’s stock valued at $39,000 after purchasing an additional 363 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ALGM. Wall Street Zen raised Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. Wells Fargo & Company decreased their target price on Allegro MicroSystems from $45.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, October 30th. Royal Bank Of Canada assumed coverage on Allegro MicroSystems in a research note on Friday, October 2nd. They issued an “outperform” rating and a $50.00 target price for the company. Weiss Ratings downgraded Allegro MicroSystems from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 23rd. Finally, UBS Group dropped their target price on Allegro MicroSystems from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Friday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Allegro MicroSystems currently has an average rating of “Moderate Buy” and a consensus price target of $48.75.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Erin Hagen sold 2,285 shares of the company’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $44.39, for a total value of $101,431.15. Following the completion of the transaction, the senior vice president directly owned 31,052 shares of the company’s stock, valued at $1,378,398.28. This represents a 6.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.50% of the stock is currently owned by insiders.

Allegro MicroSystems Trading Up 4.7%

NASDAQ ALGM opened at $33.66 on Wednesday. The stock has a market cap of $6.28 billion, a P/E ratio of 224.41, a PEG ratio of 0.95 and a beta of 2.05. The company’s fifty day simple moving average is $34.95 and its 200-day simple moving average is $40.68. The company has a current ratio of 4.13, a quick ratio of 2.79 and a debt-to-equity ratio of 0.28. Allegro MicroSystems, Inc. has a 52 week low of $22.41 and a 52 week high of $71.77.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Allegro MicroSystems had a net margin of 3.07% and a return on equity of 10.34%. The business had revenue of $276.88 million during the quarter, compared to analyst estimates of $270.86 million. During the same period last year, the business earned $0.13 EPS. The business’s revenue was up 29.2% on a year-over-year basis. Equities research analysts predict that Allegro MicroSystems, Inc. will post 0.65 EPS for the current fiscal year.

Allegro MicroSystems Profile

Allegro MicroSystems, Inc is a semiconductor company that develops and manufactures magnetic sensing and power-management solutions. Its products are designed to help monitor motion, position, speed, current and temperature, as well as control power in electronic systems.

The company’s portfolio includes Hall-effect and other magnetic sensors, current sensors, motor drivers, regulators, LED drivers and related integrated circuits. These products are used in automotive applications such as advanced driver-assistance systems, vehicle electrification, powertrain systems, comfort features and safety systems, as well as in industrial and consumer equipment.

Founded in 1990 and headquartered in Manchester, New Hampshire, Allegro serves customers globally through its international operations and distribution network.