SG Americas Securities LLC Acquires 16,367 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

SG Americas Securities LLC boosted its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 148.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,401 shares of the company’s stock after purchasing an additional 16,367 shares during the quarter. SG Americas Securities LLC’s holdings in Allegro MicroSystems were worth $774,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Louisiana State Employees Retirement System bought a new stake in shares of Allegro MicroSystems during the 4th quarter worth about $605,000. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Allegro MicroSystems by 4.9% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 37,812 shares of the company’s stock worth $1,145,000 after acquiring an additional 1,783 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Allegro MicroSystems by 22.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,834 shares of the company’s stock worth $449,000 after acquiring an additional 2,677 shares during the period. Calamos Advisors LLC bought a new position in shares of Allegro MicroSystems during the fourth quarter worth approximately $560,000. Finally, CWM LLC lifted its holdings in Allegro MicroSystems by 35.6% during the 4th quarter. CWM LLC now owns 3,377 shares of the company’s stock worth $102,000 after purchasing an additional 886 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $24.96 on Monday. Allegro MicroSystems, Inc. has a 1 year low of $20.42 and a 1 year high of $39.93. The firm has a market capitalization of $4.84 billion, a price-to-earnings ratio of 32.00 and a beta of 1.68. The company has a current ratio of 4.65, a quick ratio of 3.48 and a debt-to-equity ratio of 0.18. The firm’s 50 day simple moving average is $27.29 and its 200 day simple moving average is $28.44.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) 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 company had revenue of $166.90 million for the quarter, compared to analyst estimates of $165.04 million. During the same quarter last year, the company posted $0.34 EPS. The company’s revenue for the quarter was down 40.0% compared to the same quarter last year. As a group, research analysts expect that Allegro MicroSystems, Inc. will post 0.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $23.16, for a total transaction of $665,850,000.00. Following the sale, the insider now directly owns 69,750,097 shares of the company’s stock, valued at approximately $1,615,412,246.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Richard R. Lury sold 8,500 shares of Allegro MicroSystems stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $30.00, for a total transaction of $255,000.00. Following the sale, the director now directly owns 23,001 shares of the company’s stock, valued at $690,030. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $23.16, for a total value of $665,850,000.00. Following the completion of the transaction, the insider now directly owns 69,750,097 shares of the company’s stock, valued at approximately $1,615,412,246.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,775,815 shares of company stock valued at $898,106,015. 0.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ALGM. TD Cowen upped their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Needham & Company LLC reiterated a “buy” rating and issued a $33.00 price objective on shares of Allegro MicroSystems in a research note on Friday, August 2nd. Mizuho cut their price objective on shares of Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating for the company in a report on Friday, May 10th. Jefferies Financial Group began coverage on shares of Allegro MicroSystems in a report on Monday, May 13th. They set a “buy” rating and a $37.00 target price on the stock. Finally, Barclays cut their price target on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.63.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.