Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale lowered its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 46.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,559 shares of the company’s stock after selling 7,432 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Allegro MicroSystems were worth $259,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in ALGM. State of Wyoming acquired a new position in Allegro MicroSystems in the second quarter worth $28,000. Altshuler Shaham Ltd acquired a new position in Allegro MicroSystems in the fourth quarter worth $32,000. Harbour Investments Inc. acquired a new position in Allegro MicroSystems in the first quarter worth $33,000. PNC Financial Services Group Inc. boosted its holdings in Allegro MicroSystems by 201.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after purchasing an additional 774 shares during the period. Finally, Castleview Partners LLC acquired a new position in Allegro MicroSystems in the second quarter worth $44,000. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $27.00 on Wednesday. Allegro MicroSystems, Inc. has a fifty-two week low of $24.66 and a fifty-two week high of $53.05. The firm’s 50-day simple moving average is $29.03 and its 200 day simple moving average is $28.56. The company has a quick ratio of 3.19, a current ratio of 4.57 and a debt-to-equity ratio of 0.22. The stock has a market cap of $5.21 billion, a P/E ratio of 23.68 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. The business had revenue of $254.98 million for the quarter, compared to analysts’ expectations of $255.00 million. Equities analysts expect that Allegro MicroSystems, Inc. will post 1.13 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on ALGM shares. Wolfe Research raised shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target for the company in a report on Friday, February 2nd. Evercore ISI started coverage on shares of Allegro MicroSystems in a report on Tuesday. They set an “outperform” rating and a $36.00 price target for the company. TD Cowen boosted their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Finally, Needham & Company LLC reduced their price target on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a report on Friday, February 2nd. One analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.50.

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.