Magnetar Financial LLC Has $275,000 Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Magnetar Financial LLC trimmed its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 5.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,210 shares of the company’s stock after selling 609 shares during the quarter. Magnetar Financial LLC’s holdings in Allegro MicroSystems were worth $275,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. 1832 Asset Management L.P. acquired a new stake in Allegro MicroSystems during the fourth quarter valued at approximately $28,756,000. Vanguard Group Inc. boosted its holdings in shares of Allegro MicroSystems by 5.1% in the 3rd quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock worth $235,140,000 after acquiring an additional 355,814 shares in the last quarter. Clearbridge Investments LLC boosted its holdings in shares of Allegro MicroSystems by 6.7% in the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company’s stock worth $100,595,000 after acquiring an additional 235,335 shares in the last quarter. Qsemble Capital Management LP acquired a new position in shares of Allegro MicroSystems in the 1st quarter worth approximately $583,000. Finally, South Dakota Investment Council bought a new position in Allegro MicroSystems in the 4th quarter worth approximately $1,059,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Trading Up 1.2 %

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

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. Allegro MicroSystems had a return on equity of 20.67% and a net margin of 14.55%. The business had revenue of $240.58 million for the quarter, compared to analyst estimates of $235.00 million. On average, analysts predict that Allegro MicroSystems, Inc. will post 0.23 EPS for the current year.

Analyst Upgrades and Downgrades

ALGM has been the topic of a number of recent research reports. TD Cowen increased their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Jefferies Financial Group initiated coverage on Allegro MicroSystems in a research report on Monday, May 13th. They issued a “buy” rating and a $37.00 price objective on the stock. Barclays decreased their price objective on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. Mizuho decreased their price objective on Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Finally, Needham & Company LLC decreased their price objective on Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Allegro MicroSystems has an average rating of “Moderate Buy” and a consensus target price of $34.63.

Insiders Place Their Bets

In other Allegro MicroSystems news, Director Richard R. Lury sold 8,500 shares of Allegro MicroSystems stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $30.00, for a total transaction of $255,000.00. Following the transaction, the director now directly owns 23,001 shares in the company, valued at $690,030. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

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.