Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC has reduced its stake in Allegro MicroSystems by 29.5%, selling 35,552 shares and holding 85,071 shares worth approximately $2.14 million as of the latest SEC filing.
• Allegro MicroSystems reported earnings of $0.09 per share and revenues of $203.41 million for the last quarter, which exceeded analyst estimates.
• Institutional investors own 56.45% of Allegro MicroSystems, with multiple hedge funds adjusting their stakes, indicating ongoing interest from large investors.

New Age Alpha Advisors LLC lowered its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 29.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,071 shares of the company's stock after selling 35,552 shares during the period. New Age Alpha Advisors LLC's holdings in Allegro MicroSystems were worth $2,138,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ALGM. PNC Financial Services Group Inc. boosted its holdings in Allegro MicroSystems by 7.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 16,353 shares of the company's stock valued at $411,000 after purchasing an additional 1,092 shares during the period. US Bancorp DE boosted its stake in Allegro MicroSystems by 304.3% during the first quarter. US Bancorp DE now owns 9,946 shares of the company's stock worth $250,000 after acquiring an additional 7,486 shares in the last quarter. Natixis Advisors LLC boosted its stake in Allegro MicroSystems by 47.4% during the first quarter. Natixis Advisors LLC now owns 38,563 shares of the company's stock worth $969,000 after acquiring an additional 12,392 shares in the last quarter. LPL Financial LLC lifted its stake in shares of Allegro MicroSystems by 49.3% in the first quarter. LPL Financial LLC now owns 58,970 shares of the company's stock valued at $1,482,000 after buying an additional 19,471 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Allegro MicroSystems by 13.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 37,217 shares of the company's stock valued at $935,000 after purchasing an additional 4,366 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. UBS Group boosted their price objective on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 7th. TD Cowen cut their price target on shares of Allegro MicroSystems from $42.00 to $37.00 and set a "buy" rating on the stock in a report on Friday, August 1st. Bank of America boosted their price objective on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company an "action list buy" rating in a research report on Thursday, July 10th. Barclays upped their target price on shares of Allegro MicroSystems from $23.00 to $30.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $42.00 target price (up from $33.00) on shares of Allegro MicroSystems in a research report on Wednesday, July 16th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems has an average rating of "Buy" and an average price target of $37.56.

Allegro MicroSystems Trading Up 0.2%

NASDAQ ALGM traded up $0.05 on Friday, hitting $30.77. 1,850,263 shares of the stock were exchanged, compared to its average volume of 2,088,558. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.26 and a current ratio of 3.70. The stock has a fifty day moving average price of $32.80 and a two-hundred day moving average price of $26.88. The firm has a market capitalization of $5.69 billion, a P/E ratio of -83.16 and a beta of 1.74. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.09 EPS for the quarter, hitting the consensus estimate of $0.09. Allegro MicroSystems had a negative net margin of 9.00% and a positive return on equity of 2.09%. The company had revenue of $203.41 million during the quarter, compared to analyst estimates of $197.82 million. During the same period in the previous year, the firm earned $0.03 earnings per share. Allegro MicroSystems's quarterly revenue was up 21.9% compared to the same quarter last year. Research analysts forecast that Allegro MicroSystems, Inc. will post 0.01 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.