Mitsubishi UFJ Asset Management Co. Ltd. Sells 124,752 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Mitsubishi UFJ Asset Management Co. Ltd. lessened its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 48.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 132,115 shares of the company's stock after selling 124,752 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.07% of Allegro MicroSystems worth $3,320,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fifth Third Bancorp raised its holdings in Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after purchasing an additional 504 shares in the last quarter. UMB Bank n.a. raised its holdings in Allegro MicroSystems by 68.6% in the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock worth $36,000 after purchasing an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. bought a new position in Allegro MicroSystems in the 4th quarter worth $40,000. DekaBank Deutsche Girozentrale bought a new position in Allegro MicroSystems in the 1st quarter worth $71,000. Finally, Quarry LP bought a new position in Allegro MicroSystems in the 4th quarter worth $79,000. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Performance

Shares of ALGM traded down $0.40 on Friday, reaching $30.70. The company's stock had a trading volume of 1,159,769 shares, compared to its average volume of 1,850,566. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.70 and a quick ratio of 2.26. The stock has a market capitalization of $5.68 billion, a P/E ratio of -82.97 and a beta of 1.74. The stock's 50 day simple moving average is $33.16 and its two-hundred day simple moving average is $27.16. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month 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 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $197.82 million. During the same quarter last year, the firm posted $0.03 earnings per share. The firm's revenue was up 21.9% compared to the same quarter last year. Research analysts forecast that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ALGM shares. Wells Fargo & Company reiterated an "overweight" rating and issued a $42.00 price target (up from $33.00) on shares of Allegro MicroSystems in a research note on Wednesday, July 16th. Wall Street Zen upgraded shares of Allegro MicroSystems from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Mizuho increased their price target on shares of Allegro MicroSystems from $37.00 to $40.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Morgan Stanley decreased their price target on shares of Allegro MicroSystems from $38.00 to $35.00 and set an "equal weight" rating for the company in a research note on Friday, August 1st. Finally, TD Cowen decreased their price target on shares of Allegro MicroSystems from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Friday, August 1st. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $37.56.

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