Vanguard Personalized Indexing Management LLC Acquires New Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

May 28, 2023

Vanguard Personalized Indexing Management LLC bought a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,001 shares of the company's stock, valued at approximately $336,000.

Other large investors have also recently made changes to their positions in the company. Altshuler Shaham Ltd purchased a new stake in Allegro MicroSystems during the 4th quarter worth about $32,000. PNC Financial Services Group Inc. grew its stake in Allegro MicroSystems by 201.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company's stock valued at $33,000 after acquiring an additional 774 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in Allegro MicroSystems by 172.6% in the 4th quarter. Quadrant Capital Group LLC now owns 1,524 shares of the company's stock valued at $46,000 after purchasing an additional 965 shares during the period. AllSquare Wealth Management LLC bought a new stake in Allegro MicroSystems during the first quarter valued at $55,000. Finally, Quent Capital LLC increased its stake in Allegro MicroSystems by 27.5% in the 1st quarter. Quent Capital LLC now owns 1,422 shares of the company's stock worth $68,000 after acquiring an additional 307 shares during the last quarter. 50.63% of the stock is owned by institutional investors.

Several research analysts have recently commented on the company. Barclays boosted their price objective on Allegro MicroSystems from $50.00 to $60.00 in a report on Thursday, July 20th. TheStreet lowered Allegro MicroSystems from a "b-" rating to a "c+" rating in a research note on Thursday, May 18th. Wolfe Research initiated coverage on Allegro MicroSystems in a research report on Wednesday, July 19th. They issued a "market perform" rating for the company. Needham & Company LLC reiterated a "buy" rating and set a $50.00 price target on shares of Allegro MicroSystems in a research report on Wednesday, August 9th. Finally, Wells Fargo & Company increased their target price on shares of 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 assigned a buy rating to the company. According to data from MarketBeat.com, Allegro MicroSystems has an average rating of "Moderate Buy" and an average target price of $52.33.

View Our Latest Research Report on Allegro MicroSystems

NASDAQ:ALGM opened at $38.48 on Thursday. The company has a quick ratio of 3.43, a current ratio of 4.56 and a debt-to-equity ratio of 0.02. The company has a fifty day moving average of $43.82 and a 200 day moving average of $42.70. The firm has a market capitalization of $7.40 billion, a P/E ratio of 31.54 and a beta of 1.72. Allegro MicroSystems, Inc. has a 52 week low of $19.80 and a 52 week high of $53.05.

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

In other Allegro MicroSystems news, Director Joseph R. Martin sold 17,000 shares of the firm's stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $38.73, for a total value of $658,410.00. Following the completion of the sale, the director now directly owns 22,374 shares in the company, valued at $866,545.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.70% of the company's stock.

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].

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