Sumitomo Mitsui Trust Holdings Inc. Raises Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 4.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 37,812 shares of the company’s stock after buying an additional 1,783 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Allegro MicroSystems were worth $1,145,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Louisiana State Employees Retirement System purchased a new position in Allegro MicroSystems during the fourth quarter valued at approximately $605,000. Meeder Asset Management Inc. purchased a new position in Allegro MicroSystems in the fourth quarter worth $253,000. China Universal Asset Management Co. Ltd. purchased a new position in Allegro MicroSystems in the fourth quarter worth $908,000. Mendota Financial Group LLC purchased a new position in Allegro MicroSystems in the fourth quarter worth $142,000. Finally, Pacer Advisors Inc. grew its holdings in Allegro MicroSystems by 57.7% in the fourth quarter. Pacer Advisors Inc. now owns 14,693 shares of the company’s stock worth $445,000 after purchasing an additional 5,376 shares during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

NASDAQ ALGM opened at $29.13 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. The stock’s fifty day moving average price is $28.51 and its 200 day moving average price is $28.42. Allegro MicroSystems, Inc. has a 1 year low of $24.66 and a 1 year high of $53.05. The company has a market cap of $5.63 billion, a price-to-earnings ratio of 25.55 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, February 1st. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. The company had revenue of $254.98 million for the quarter, compared to analyst estimates of $255.00 million. As a group, equities research analysts forecast that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ALGM shares. TD Cowen lifted their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Friday, February 2nd. Evercore ISI started coverage on shares of Allegro MicroSystems in a report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price target on the stock. Wolfe Research raised shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a report on Friday, February 2nd. Finally, Needham & Company LLC cut their target price on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.50.

Allegro MicroSystems 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.