Global X Japan Co. Ltd. Boosts Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Global X Japan Co. Ltd. boosted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 51.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 22,357 shares of the company’s stock after purchasing an additional 7,641 shares during the period. Global X Japan Co. Ltd.’s holdings in Allegro MicroSystems were worth $631,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Treasurer of the State of North Carolina grew its position in Allegro MicroSystems by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 33,247 shares of the company’s stock valued at $1,006,000 after buying an additional 320 shares in the last quarter. State of Michigan Retirement System lifted its position in shares of Allegro MicroSystems by 2.3% in the first quarter. State of Michigan Retirement System now owns 17,500 shares of the company’s stock worth $472,000 after buying an additional 400 shares during the last quarter. Quadrant Capital Group LLC boosted its position in Allegro MicroSystems by 25.1% during the fourth quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock worth $64,000 after purchasing an additional 425 shares during the period. Psagot Value Holdings Ltd. Israel raised its holdings in Allegro MicroSystems by 28.5% in the 4th quarter. Psagot Value Holdings Ltd. Israel now owns 2,262 shares of the company’s stock worth $70,000 after acquiring an additional 502 shares during the period. Finally, Retirement Systems of Alabama boosted its stake in Allegro MicroSystems by 0.4% during the 1st quarter. Retirement Systems of Alabama now owns 130,731 shares of the company’s stock valued at $3,525,000 after purchasing an additional 537 shares during the period. Institutional investors own 56.45% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ALGM. Needham & Company LLC reiterated a “buy” rating and issued a $33.00 price objective on shares of Allegro MicroSystems in a research report on Friday, August 2nd. TD Cowen boosted their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. UBS Group started coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target on the stock. Finally, Jefferies Financial Group assumed coverage on Allegro MicroSystems in a research note on Monday, May 13th. They issued a “buy” rating and a $37.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $34.44.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $22.17 on Tuesday. Allegro MicroSystems, Inc. has a 12-month low of $20.42 and a 12-month high of $35.44. The company has a market cap of $4.30 billion, a P/E ratio of 28.42 and a beta of 1.68. The company has a current ratio of 4.65, a quick ratio of 2.98 and a debt-to-equity ratio of 0.18. The company has a fifty day simple moving average of $25.88 and a 200 day simple moving average of $27.70.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, August 1st. The company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The firm had revenue of $166.90 million during the quarter, compared to the consensus estimate of $165.04 million. During the same period in the prior year, the firm earned $0.34 EPS. The company’s revenue was down 40.0% compared to the same quarter last year. Sell-side analysts predict that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current fiscal year.

Insider Activity

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total value of $232,001,015.40. Following the transaction, the insider now directly owns 59,732,782 shares of the company’s stock, valued at $1,383,411,231.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.50% of the company’s stock.

About Allegro MicroSystems

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.