Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB lowered its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 14.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,200 shares of the company’s stock after selling 5,200 shares during the quarter. Handelsbanken Fonder AB’s holdings in Allegro MicroSystems were worth $784,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of ALGM. Van ECK Associates Corp increased its holdings in Allegro MicroSystems by 202.3% in the 4th quarter. Van ECK Associates Corp now owns 22,298 shares of the company’s stock valued at $487,000 after purchasing an additional 14,922 shares during the last quarter. New Mexico Educational Retirement Board boosted its position in shares of Allegro MicroSystems by 139.7% during the fourth quarter. New Mexico Educational Retirement Board now owns 31,881 shares of the company’s stock worth $697,000 after buying an additional 18,581 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at $47,000. Bailard Inc. purchased a new stake in shares of Allegro MicroSystems in the 4th quarter valued at $254,000. Finally, Keybank National Association OH raised its holdings in shares of Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after buying an additional 1,522 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Needham & Company LLC dropped their target price on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Mizuho lifted their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Monday, March 24th. Morgan Stanley increased their target price on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, June 9th. UBS Group raised their price target on shares of Allegro MicroSystems from $22.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Finally, Barclays upped their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $26.57.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $28.65 on Monday. The firm has a market capitalization of $5.30 billion, a price-to-earnings ratio of -81.86 and a beta of 1.67. The firm’s fifty day simple moving average is $23.40 and its 200-day simple moving average is $23.78. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.01. The company had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. Allegro MicroSystems’s quarterly revenue was down 19.9% on a year-over-year basis. During the same period last year, the firm earned $0.25 earnings per share. Equities analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

Allegro MicroSystems Company 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.