Mirae Asset Global Investments Co. Ltd. Lowers Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Mirae Asset Global Investments Co. Ltd. decreased its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 91.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 23,823 shares of the company's stock after selling 254,289 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Allegro MicroSystems were worth $579,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of ALGM. Louisiana State Employees Retirement System lifted its holdings in shares of Allegro MicroSystems by 113.4% during the third quarter. Louisiana State Employees Retirement System now owns 43,100 shares of the company's stock worth $1,004,000 after purchasing an additional 22,900 shares during the period. nVerses Capital LLC acquired a new stake in shares of Allegro MicroSystems during the third quarter worth about $231,000. Ecofi Investissements SA acquired a new stake in shares of Allegro MicroSystems during the second quarter worth about $2,349,000. Creative Planning lifted its holdings in Allegro MicroSystems by 25.6% in the second quarter. Creative Planning now owns 17,349 shares of the company's stock valued at $490,000 after acquiring an additional 3,540 shares during the period. Finally, Algert Global LLC lifted its holdings in Allegro MicroSystems by 26.8% in the second quarter. Algert Global LLC now owns 25,744 shares of the company's stock valued at $727,000 after acquiring an additional 5,444 shares during the period. Hedge funds and other institutional investors own 56.45% of the company's stock.

Analyst Ratings Changes

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

Allegro MicroSystems Price Performance

Shares of ALGM traded up $0.26 during trading hours on Friday, hitting $21.10. 2,519,452 shares of the stock were exchanged, compared to its average volume of 1,896,749. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.98 and a current ratio of 4.22. Allegro MicroSystems, Inc. has a 12-month low of $19.71 and a 12-month high of $33.26. The company has a market cap of $4.09 billion, a price-to-earnings ratio of -150.70 and a beta of 1.69. The stock's 50-day moving average price is $22.24 and its two-hundred day moving average price is $25.91.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. The company had revenue of $187.39 million during the quarter, compared to analysts' expectations of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.47% and a negative net margin of 2.96%. The firm's quarterly revenue was down 32.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 EPS. Research analysts expect that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current year.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total value of $232,001,015.40. Following the sale, the insider now owns 59,732,782 shares of the company's stock, valued at $1,383,411,231.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.50% of the company's stock.

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