ProShare Advisors LLC Boosts Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

ProShare Advisors LLC lifted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 9.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,280 shares of the company’s stock after purchasing an additional 1,123 shares during the quarter. ProShare Advisors LLC’s holdings in Allegro MicroSystems were worth $375,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Sei Investments Co. grew its holdings in shares of Allegro MicroSystems by 3.2% in the second quarter. Sei Investments Co. now owns 165,882 shares of the company’s stock worth $4,685,000 after acquiring an additional 5,068 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Allegro MicroSystems by 213.5% in the second quarter. Pacer Advisors Inc. now owns 33,264 shares of the company’s stock worth $939,000 after acquiring an additional 22,655 shares during the period. XTX Topco Ltd bought a new stake in shares of Allegro MicroSystems in the second quarter worth $856,000. Hsbc Holdings PLC grew its holdings in shares of Allegro MicroSystems by 13.6% in the second quarter. Hsbc Holdings PLC now owns 16,668 shares of the company’s stock worth $471,000 after acquiring an additional 1,994 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its holdings in shares of Allegro MicroSystems by 48.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 13,164 shares of the company’s stock worth $372,000 after acquiring an additional 4,274 shares during the period. Institutional investors own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGM has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Allegro MicroSystems in a report on Friday, August 2nd. TD Cowen boosted their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, June 13th. Finally, UBS Group initiated coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus 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 business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total value of $232,001,015.40. Following the sale, the insider now directly owns 59,732,782 shares in the company, valued at $1,383,411,231.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is owned by company insiders.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $21.70 on Thursday. The firm has a market cap of $4.21 billion, a price-to-earnings ratio of 27.82 and a beta of 1.67. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18. The business has a 50-day moving average price of $23.27 and a 200-day moving average price of $26.79. Allegro MicroSystems, Inc. has a twelve month low of $20.42 and a twelve month high of $33.26.

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

About Allegro MicroSystems

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.