Harel Insurance Investments & Financial Services Ltd. reduced its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 47.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 47,430 shares of the company's stock after selling 42,072 shares during the quarter. Harel Insurance Investments & Financial Services Ltd.'s holdings in Allegro MicroSystems were worth $1,463,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Wellington Management Group LLP purchased a new position in Allegro MicroSystems during the 1st quarter valued at about $39,429,000. FMR LLC lifted its position in shares of Allegro MicroSystems by 13.8% during the third quarter. FMR LLC now owns 9,234,454 shares of the company's stock valued at $294,948,000 after buying an additional 1,121,651 shares during the last quarter. Millennium Management LLC lifted its position in shares of Allegro MicroSystems by 1,087.0% during the fourth quarter. Millennium Management LLC now owns 1,211,738 shares of the company's stock valued at $36,376,000 after buying an additional 1,109,652 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Allegro MicroSystems by 34.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,319,635 shares of the company's stock valued at $106,029,000 after buying an additional 855,811 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Allegro MicroSystems by 21.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company's stock worth $129,435,000 after acquiring an additional 727,535 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.
Allegro MicroSystems Stock Performance
NASDAQ:ALGM traded down $0.58 during midday trading on Monday, hitting $26.26. The company's stock had a trading volume of 770,173 shares, compared to its average volume of 1,713,001. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. 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 moving average is $29.15 and its 200-day moving average is $28.64. The firm has a market cap of $5.07 billion, a P/E ratio of 23.54 and a beta of 1.82.
Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its earnings results on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. The firm had revenue of $254.98 million during the quarter, compared to analysts' expectations of $255.00 million. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. Equities analysts anticipate that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current fiscal year.
Analysts Set New Price Targets
ALGM has been the topic of several analyst reports. Wolfe Research raised shares of Allegro MicroSystems from a "peer perform" rating to an "outperform" rating and set a $35.00 price target on the stock in a report on Friday, February 2nd. Needham & Company LLC reduced their target price on Allegro MicroSystems from $44.00 to $40.00 and set a "buy" rating on the stock in a research report on Friday, February 2nd. Finally, TD Cowen raised their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an "outperform" rating in a report on Friday, February 2nd. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems presently has an average rating of "Moderate Buy" and a consensus price target of $45.71.
Check Out Our Latest Research Report on Allegro MicroSystems
Allegro MicroSystems Company Profile
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Free Report)
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.
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