Massachusetts Financial Services Co. MA Increases Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Massachusetts Financial Services Co. MA grew its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 2.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 984,297 shares of the company’s stock after buying an additional 25,497 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Allegro MicroSystems were worth $27,797,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Versant Capital Management Inc boosted its stake in shares of Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after buying an additional 1,096 shares during the period. Pineridge Advisors LLC purchased a new stake in Allegro MicroSystems during the fourth quarter worth approximately $49,000. GAMMA Investing LLC lifted its stake in Allegro MicroSystems by 52.2% during the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after purchasing an additional 603 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in Allegro MicroSystems by 25.1% during the fourth quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after purchasing an additional 425 shares during the last quarter. Finally, TFO Wealth Partners LLC lifted its stake in Allegro MicroSystems by 26,361.5% during the fourth quarter. TFO Wealth Partners LLC now owns 3,440 shares of the company’s stock worth $104,000 after purchasing an additional 3,427 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ALGM. UBS Group began coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $33.00 target price on shares of Allegro MicroSystems in a research note on Friday, August 2nd. Finally, TD Cowen boosted their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $34.44.

Insider Buying and Selling

In related news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the stock in a transaction on 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 completion of the sale, the insider now directly owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Allegro MicroSystems Stock Performance

Shares of Allegro MicroSystems stock opened at $22.69 on Friday. The firm’s fifty day simple moving average is $24.35 and its 200-day simple moving average is $27.20. The stock has a market capitalization of $4.40 billion, a price-to-earnings ratio of 29.09 and a beta of 1.68. Allegro MicroSystems, Inc. has a 12 month low of $20.42 and a 12 month high of $33.26. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.65 and a quick ratio of 2.98.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The business had revenue of $166.90 million for 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%. The company’s quarterly revenue was down 40.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 EPS. As a group, equities analysts forecast that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current year.

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.