Envestnet Asset Management Inc. Has $1.11 Million Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Envestnet Asset Management Inc. lifted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGMGet Rating) by 22.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 53,816 shares of the company’s stock after acquiring an additional 9,923 shares during the period. Envestnet Asset Management Inc.’s holdings in Allegro MicroSystems were worth $1,113,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Invesco Ltd. grew its stake in shares of Allegro MicroSystems by 4.3% in the first quarter. Invesco Ltd. now owns 4,152,293 shares of the company’s stock valued at $117,924,000 after acquiring an additional 170,171 shares in the last quarter. Clearbridge Investments LLC grew its stake in Allegro MicroSystems by 18.6% during the first quarter. Clearbridge Investments LLC now owns 4,029,946 shares of the company’s stock worth $114,450,000 after buying an additional 632,036 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Allegro MicroSystems by 8.3% during the first quarter. JPMorgan Chase & Co. now owns 3,893,802 shares of the company’s stock worth $110,585,000 after buying an additional 299,504 shares in the last quarter. State Street Corp grew its stake in Allegro MicroSystems by 0.6% during the first quarter. State Street Corp now owns 2,394,662 shares of the company’s stock worth $68,008,000 after buying an additional 14,835 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Allegro MicroSystems by 8.3% during the first quarter. Principal Financial Group Inc. now owns 1,954,484 shares of the company’s stock worth $55,507,000 after buying an additional 149,498 shares in the last quarter. 46.10% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Up 4.2 %

ALGM stock opened at $31.56 on Thursday. The stock has a market capitalization of $6.04 billion, a P/E ratio of 49.67 and a beta of 1.65. The company has a current ratio of 4.84, a quick ratio of 3.96 and a debt-to-equity ratio of 0.03. Allegro MicroSystems, Inc. has a 12 month low of $19.20 and a 12 month high of $38.28. The firm has a 50-day moving average price of $24.04 and a 200-day moving average price of $23.52.

Allegro MicroSystems (NASDAQ:ALGMGet Rating) last issued its quarterly earnings data on Thursday, October 27th. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.05. The business had revenue of $237.70 million during the quarter, compared to analyst estimates of $225.03 million. Allegro MicroSystems had a net margin of 14.87% and a return on equity of 16.87%. The firm’s quarterly revenue was up 22.8% on a year-over-year basis. During the same quarter last year, the business earned $0.17 EPS. As a group, equities research analysts anticipate that Allegro MicroSystems, Inc. will post 0.9 EPS for the current fiscal year.

Insider Activity at Allegro MicroSystems

In related news, Director Joseph R. Martin sold 16,349 shares of the firm’s stock in a transaction that occurred on Friday, November 4th. The shares were sold at an average price of $25.92, for a total value of $423,766.08. Following the completion of the transaction, the director now owns 35,536 shares in the company, valued at approximately $921,093.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Allegro MicroSystems news, SVP Michael Doogue sold 9,059 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $28.76, for a total transaction of $260,536.84. Following the completion of the transaction, the senior vice president now owns 182,995 shares in the company, valued at approximately $5,262,936.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph R. Martin sold 16,349 shares of the firm’s stock in a transaction that occurred on Friday, November 4th. The stock was sold at an average price of $25.92, for a total transaction of $423,766.08. Following the transaction, the director now owns 35,536 shares of the company’s stock, valued at approximately $921,093.12. The disclosure for this sale can be found here. Insiders sold a total of 52,073 shares of company stock worth $1,452,522 in the last quarter. 13.60% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ALGM has been the topic of a number of analyst reports. Needham & Company LLC increased their price objective on shares of Allegro MicroSystems from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, October 27th. TheStreet upgraded shares of Allegro MicroSystems from a “c” rating to a “b-” rating in a research note on Wednesday, November 16th. Finally, Mizuho reduced their price objective on shares of Allegro MicroSystems from $42.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday, October 28th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Allegro MicroSystems has a consensus rating of “Buy” and a consensus price target of $30.80.

Allegro MicroSystems Company Profile

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Allegro MicroSystems, Inc 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, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.

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Institutional Ownership by Quarter for Allegro MicroSystems (NASDAQ:ALGM)

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