Nuveen Asset Management LLC Purchases 225,045 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Nuveen Asset Management LLC lifted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) by 105.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 438,181 shares of the company’s stock after buying an additional 225,045 shares during the period. Nuveen Asset Management LLC owned approximately 0.23% of Allegro MicroSystems worth $9,574,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. grew its holdings in Allegro MicroSystems by 201.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after purchasing an additional 774 shares during the last quarter. Signaturefd LLC increased its position in shares of Allegro MicroSystems by 134.1% during the third quarter. Signaturefd LLC now owns 1,365 shares of the company’s stock worth $30,000 after purchasing an additional 782 shares in the last quarter. Assetmark Inc. increased its position in shares of Allegro MicroSystems by 27.1% during the third quarter. Assetmark Inc. now owns 2,381 shares of the company’s stock worth $52,000 after purchasing an additional 507 shares in the last quarter. US Bancorp DE increased its position in shares of Allegro MicroSystems by 981.5% during the first quarter. US Bancorp DE now owns 2,455 shares of the company’s stock worth $70,000 after purchasing an additional 2,228 shares in the last quarter. Finally, MetLife Investment Management LLC acquired a new position in shares of Allegro MicroSystems during the first quarter worth $74,000. Institutional investors own 46.89% of the company’s stock.

Allegro MicroSystems Price Performance

NASDAQ:ALGM opened at $45.22 on Friday. Allegro MicroSystems, Inc. has a one year low of $19.20 and a one year high of $47.67. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.65 and a current ratio of 4.52. The firm has a market cap of $8.66 billion, a price-to-earnings ratio of 58.73 and a beta of 1.71. The firm’s fifty day moving average is $38.54 and its two-hundred day moving average is $30.32.

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) last posted its quarterly earnings results on Tuesday, January 31st. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.28 by $0.03. Allegro MicroSystems had a net margin of 16.69% and a return on equity of 19.55%. The company had revenue of $248.79 million for the quarter, compared to analyst estimates of $245.20 million. Research analysts expect that Allegro MicroSystems, Inc. will post 0.99 EPS for the current year.

Insider Buying and Selling at Allegro MicroSystems

In other Allegro MicroSystems news, major shareholder Skna L.P. Oep sold 4,980,000 shares of the company’s stock in a transaction on Thursday, February 2nd. The shares were sold at an average price of $37.76, for a total value of $188,044,800.00. Following the sale, the insider now directly owns 17,649,247 shares of the company’s stock, valued at $666,435,566.72. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Joanne Valente sold 1,377 shares of the stock in a transaction dated Friday, January 6th. The shares were sold at an average price of $30.00, for a total transaction of $41,310.00. Following the sale, the senior vice president now directly owns 95,776 shares of the company’s stock, valued at approximately $2,873,280. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Skna L.P. Oep sold 4,980,000 shares of the stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $37.76, for a total transaction of $188,044,800.00. Following the sale, the insider now directly owns 17,649,247 shares in the company, valued at $666,435,566.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,068,500 shares of company stock valued at $191,316,709. 13.60% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. TheStreet raised Allegro MicroSystems from a “c” rating to a “b-” rating in a research report on Wednesday, November 16th. Wells Fargo & Company upped their price target on Allegro MicroSystems from $43.00 to $52.00 in a research report on Thursday. Cowen upped their target price on Allegro MicroSystems from $38.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday, February 1st. Mizuho upped their target price on Allegro MicroSystems from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, February 1st. Finally, Cowen upped their target price on Allegro MicroSystems to $44.00 in a research report on Thursday, February 2nd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $44.67.

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.