VIRGINIA RETIREMENT SYSTEMS ET Al Purchases 25,100 Shares of Allegro MicroSystems, Inc. $ALGM

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 106.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm 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 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ALGM. BlackRock Inc. purchased a new position in shares of Allegro MicroSystems during the 2nd quarter worth $966,975,000. Dimensional Fund Advisors LP grew its position in shares of Allegro MicroSystems by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,170,487 shares of the company’s stock valued at $68,399,000 after purchasing an additional 30,340 shares during the period. Principal Financial Group Inc. grew its position in shares of Allegro MicroSystems by 2.8% in the first quarter. Principal Financial Group Inc. now owns 1,790,466 shares of the company’s stock valued at $56,453,000 after purchasing an additional 48,170 shares during the period. Bank of America Corp DE acquired a new position in Allegro MicroSystems in the second quarter valued at $64,171,000. Finally, Wellington Management Group LLP increased its stake in Allegro MicroSystems by 21.1% in the second quarter. Wellington Management Group LLP now owns 814,937 shares of the company’s stock valued at $56,736,000 after purchasing an additional 141,841 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Barclays reduced their target price on Allegro MicroSystems from $48.00 to $45.00 and set an “equal weight” rating on the stock in a research report on Friday, October 30th. Weiss Ratings cut Allegro MicroSystems from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 23rd. Wells Fargo & Company lowered their price target on Allegro MicroSystems from $45.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, October 30th. TD Cowen dropped their price objective on shares of Allegro MicroSystems from $48.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, October 19th. Finally, Benchmark assumed coverage on shares of Allegro MicroSystems in a report on Wednesday, August 12th. They set a “buy” rating and a $60.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Allegro MicroSystems currently has an average rating of “Moderate Buy” and an average target price of $48.75.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Erin Hagen sold 2,285 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $44.39, for a total transaction of $101,431.15. Following the completion of the sale, the senior vice president owned 31,052 shares of the company’s stock, valued at approximately $1,378,398.28. The trade was a 6.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.50% of the company’s stock.

Allegro MicroSystems Stock Up 4.7%

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

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, October 29th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $276.88 million during the quarter, compared to the consensus estimate of $270.86 million. Allegro MicroSystems had a return on equity of 10.34% and a net margin of 3.07%. The business’s revenue for the quarter was up 29.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.13 EPS. On average, analysts anticipate that Allegro MicroSystems, Inc. will post 0.65 EPS for the current year.

About Allegro MicroSystems

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.