Allspring Global Investments Holdings LLC Decreases Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Allspring Global Investments Holdings LLC reduced its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 98.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,480 shares of the company's stock after selling 2,130,219 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Allegro MicroSystems were worth $547,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Allegro MicroSystems by 13.5% during the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company's stock worth $226,466,000 after buying an additional 999,939 shares during the period. Clearbridge Investments LLC grew its holdings in shares of Allegro MicroSystems by 6.7% in the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company's stock worth $100,595,000 after acquiring an additional 235,335 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Allegro MicroSystems by 0.5% in the 2nd quarter. Principal Financial Group Inc. now owns 2,190,817 shares of the company's stock worth $61,869,000 after acquiring an additional 11,230 shares during the period. The Manufacturers Life Insurance Company increased its stake in Allegro MicroSystems by 15.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company's stock valued at $60,673,000 after purchasing an additional 285,747 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Allegro MicroSystems by 45.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company's stock worth $36,207,000 after purchasing an additional 397,681 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ALGM. Barclays dropped their price target on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a research report on Friday. Needham & Company LLC cut their target price on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday. UBS Group started coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a "buy" rating and a $33.00 price target on the stock. Finally, Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $32.13.

Allegro MicroSystems Trading Up 1.2 %

NASDAQ ALGM traded up $0.26 during mid-day trading on Friday, reaching $21.10. 2,519,452 shares of the stock were exchanged, compared to its average volume of 1,946,156. The stock has a market capitalization of $4.09 billion, a PE ratio of -150.71 and a beta of 1.69. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.98 and a current ratio of 4.65. Allegro MicroSystems, Inc. has a 1-year low of $19.71 and a 1-year high of $33.26. The business's fifty day simple moving average is $22.24 and its 200 day simple moving average is $25.92.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.03 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.01. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. The business had revenue of $166.90 million during the quarter, compared to the consensus estimate of $165.04 million. During the same quarter in the previous year, the business earned $0.34 earnings per share. The business's revenue for the quarter was down 40.0% on a year-over-year basis. On average, research analysts anticipate that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the transaction, the insider now directly owns 59,732,782 shares in the company, valued at $1,383,411,231.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.50% of the stock is owned by corporate insiders.

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.