Creative Planning Increases Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Creative Planning raised its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 25.6% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 17,349 shares of the company’s stock after purchasing an additional 3,540 shares during the quarter. Creative Planning’s holdings in Allegro MicroSystems were worth $490,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. State of Michigan Retirement System raised its stake in Allegro MicroSystems by 2.3% during the 1st quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock valued at $472,000 after purchasing an additional 400 shares during the period. Retirement Systems of Alabama lifted its stake in shares of Allegro MicroSystems by 0.4% in the 1st quarter. Retirement Systems of Alabama now owns 130,731 shares of the company’s stock valued at $3,525,000 after purchasing an additional 537 shares during the last quarter. GAMMA Investing LLC boosted 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 buying an additional 603 shares during the period. CWM LLC lifted its holdings in shares of Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after acquiring an additional 921 shares during the last quarter. Finally, Texas Permanent School Fund Corp grew its holdings in Allegro MicroSystems by 1.7% during the 1st quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company’s stock valued at $1,686,000 after purchasing an additional 1,019 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total value of $232,001,015.40. Following the completion of the transaction, the insider now owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. The trade was a 0.00 % decrease in their ownership of the stock. 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 company insiders.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $20.46 on Wednesday. The firm has a market capitalization of $3.96 billion, a PE ratio of 26.23 and a beta of 1.67. Allegro MicroSystems, Inc. has a 12 month low of $19.82 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. The business’s fifty day moving average price is $22.88 and its 200 day moving average price is $26.40.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The firm had revenue of $166.90 million for the quarter, compared to analyst estimates of $165.04 million. During the same period last year, the firm posted $0.34 EPS. Allegro MicroSystems’s quarterly revenue was down 40.0% on a year-over-year basis. On average, sell-side analysts anticipate that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ALGM has been the topic of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $33.00 price target on shares of Allegro MicroSystems in a report on Friday, August 2nd. UBS Group started coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Allegro MicroSystems presently has an average rating of “Buy” and an average price target of $34.50.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.