Magnetar Financial LLC Sells 609 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Magnetar Financial LLC lowered its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 5.6% during the 1st quarter, HoldingsChannel reports. The fund owned 10,210 shares of the company’s stock after selling 609 shares during the period. Magnetar Financial LLC’s holdings in Allegro MicroSystems were worth $275,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the business. 1832 Asset Management L.P. bought a new position in shares of Allegro MicroSystems in the fourth quarter worth approximately $28,756,000. Vanguard Group Inc. lifted its stake in shares of Allegro MicroSystems by 5.1% in the third quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock worth $235,140,000 after buying an additional 355,814 shares in the last quarter. Clearbridge Investments LLC lifted its stake in shares of Allegro MicroSystems by 6.7% in the first quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock worth $100,595,000 after buying an additional 235,335 shares in the last quarter. Qsemble Capital Management LP bought a new position in shares of Allegro MicroSystems in the first quarter worth approximately $583,000. Finally, South Dakota Investment Council bought a new position in shares of Allegro MicroSystems in the fourth quarter worth approximately $1,059,000. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM traded up $0.28 during midday trading on Monday, reaching $24.43. The stock had a trading volume of 232,288 shares, compared to its average volume of 1,739,052. The stock has a 50-day moving average of $29.33 and a 200-day moving average of $28.86. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.48 and a current ratio of 4.85. The company has a market capitalization of $4.74 billion, a price-to-earnings ratio of 30.96 and a beta of 1.68. Allegro MicroSystems, Inc. has a 12-month low of $23.64 and a 12-month high of $52.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.02. The firm had revenue of $240.58 million during the quarter, compared to analysts’ expectations of $235.00 million. Allegro MicroSystems had a net margin of 14.55% and a return on equity of 20.67%. As a group, research analysts anticipate that Allegro MicroSystems, Inc. will post 0.23 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Richard R. Lury sold 8,500 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $30.00, for a total transaction of $255,000.00. Following the completion of the transaction, the director now owns 23,001 shares in the company, valued at $690,030. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

ALGM has been the topic of several analyst reports. Evercore ISI started coverage on shares of Allegro MicroSystems in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 target price on the stock. Jefferies Financial Group initiated coverage on shares of Allegro MicroSystems in a report on Monday, May 13th. They set a “buy” rating and a $37.00 target price for the company. Needham & Company LLC reduced their target price on shares of Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating for the company in a report on Friday, May 10th. Mizuho reduced their target price on shares of Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating for the company in a report on Friday, May 10th. Finally, TD Cowen upped their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, June 13th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $34.63.

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