Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Acquired by Fmr LLC

Aug 07, 2023

Fmr LLC lifted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 43.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,058,071 shares of the company's stock after purchasing an additional 2,436,308 shares during the period. Fmr LLC owned about 4.21% of Allegro MicroSystems worth $386,707,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Quent Capital LLC grew its holdings in shares of Allegro MicroSystems by 27.5% during the first quarter. Quent Capital LLC now owns 1,422 shares of the company's stock worth $68,000 after buying an additional 307 shares during the last quarter. CWM LLC raised its position in shares of Allegro MicroSystems by 21.8% during the 4th quarter. CWM LLC now owns 1,863 shares of the company's stock worth $56,000 after purchasing an additional 333 shares during the last quarter. Treasurer of the State of North Carolina raised its position in shares of Allegro MicroSystems by 1.3% during the 4th quarter. Treasurer of the State of North Carolina now owns 28,767 shares of the company's stock worth $864,000 after purchasing an additional 360 shares during the last quarter. Royal Bank of Canada raised its position in shares of Allegro MicroSystems by 4.4% during the 3rd quarter. Royal Bank of Canada now owns 8,947 shares of the company's stock worth $195,000 after purchasing an additional 376 shares during the last quarter. Finally, Arizona State Retirement System raised its position in shares of Allegro MicroSystems by 2.7% during the 1st quarter. Arizona State Retirement System now owns 19,401 shares of the company's stock worth $931,000 after purchasing an additional 511 shares during the last quarter. Hedge funds and other institutional investors own 50.63% of the company's stock.

In related news, Director Joseph R. Martin sold 17,000 shares of the stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $38.73, for a total transaction of $658,410.00. Following the sale, the director now owns 22,374 shares in the company, valued at $866,545.02. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 9.70% of the company's stock.

Several research analysts recently issued reports on ALGM shares. Mizuho lifted their price objective on Allegro MicroSystems from $50.00 to $56.00 in a research report on Thursday, July 20th. Needham & Company LLC restated a "buy" rating and set a $50.00 price objective on shares of Allegro MicroSystems in a report on Wednesday, August 9th. Barclays upped their price objective on Allegro MicroSystems from $50.00 to $60.00 in a report on Thursday, July 20th. Wolfe Research assumed coverage on Allegro MicroSystems in a report on Wednesday, July 19th. They set a "market perform" rating for the company. Finally, Wells Fargo & Company upped their price objective on Allegro MicroSystems from $52.00 to $60.00 in a report on Wednesday, July 26th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has an average rating of "Moderate Buy" and an average price target of $52.33.

Check Out Our Latest Report on Allegro MicroSystems

NASDAQ:ALGM opened at $37.66 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.56 and a quick ratio of 3.43. The firm has a 50-day moving average of $43.94 and a two-hundred day moving average of $42.76. The stock has a market cap of $7.25 billion, a P/E ratio of 30.87 and a beta of 1.72. Allegro MicroSystems, Inc. has a 1-year low of $19.80 and a 1-year high of $53.05.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.32 by $0.02. The company had revenue of $278.29 million during the quarter, compared to analysts' expectations of $275.00 million. Allegro MicroSystems had a net margin of 23.67% and a return on equity of 26.17%. On average, research analysts expect that Allegro MicroSystems, Inc. will post 1.25 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Before you consider Allegro MicroSystems, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Allegro MicroSystems wasn't on the list.

While Allegro MicroSystems currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Which stocks are major institutional investors including hedge funds and endowments buying in today's market? Click the link below and we'll send you MarketBeat's list of thirteen stocks that institutional investors are buying up as quickly as they can.

Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools:

View the latest news, buy/sell ratings, SEC filings and insider transactions for your stocks. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio.

Get daily stock ideas from top-performing Wall Street analysts. Get short term trading ideas from the MarketBeat Idea Engine. View which stocks are hot on social media with MarketBeat's trending stocks report.

Identify stocks that meet your criteria using seven unique stock screeners. See what's happening in the market right now with MarketBeat's real-time news feed. Export data to Excel for your own analysis.