Eaton Vance Management Decreases Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Posted by Defense World Staff on Mar 6th, 2023

Eaton Vance Management decreased its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) by 0.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,693 shares of the company’s stock after selling 669 shares during the quarter. Eaton Vance Management’s holdings in Allegro MicroSystems were worth $1,545,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Tudor Investment Corp Et Al purchased a new stake in Allegro MicroSystems during the third quarter worth approximately $673,000. Renaissance Technologies LLC lifted its stake in Allegro MicroSystems by 28.3% during the third quarter. Renaissance Technologies LLC now owns 383,332 shares of the company’s stock worth $8,376,000 after purchasing an additional 84,532 shares during the last quarter. Verition Fund Management LLC lifted its stake in Allegro MicroSystems by 22.5% in the third quarter. Verition Fund Management LLC now owns 18,563 shares of the company’s stock valued at $406,000 after buying an additional 3,414 shares during the last quarter. Lazard Asset Management LLC lifted its stake in Allegro MicroSystems by 5.4% in the third quarter. Lazard Asset Management LLC now owns 132,773 shares of the company’s stock valued at $2,901,000 after buying an additional 6,800 shares during the last quarter. Finally, PFS Investments Inc. lifted its stake in Allegro MicroSystems by 10.2% in the third quarter. PFS Investments Inc. now owns 50,848 shares of the company’s stock valued at $1,111,000 after buying an additional 4,706 shares during the last quarter. Hedge funds and other institutional investors own 46.89% of the company’s stock.

Insider Activity

In related news, Director Richard R. Lury sold 6,000 shares of the company’s stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $42.58, for a total transaction of $255,480.00. Following the transaction, the director now owns 27,663 shares of the company’s stock, valued at $1,177,890.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder Skna L.P. Oep sold 4,980,000 shares of the company’s stock in a transaction on Thursday, February 2nd. The stock was sold at an average price of $37.76, for a total transaction of $188,044,800.00. Following the transaction, the insider now owns 17,649,247 shares of the company’s stock, valued at $666,435,566.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard R. Lury sold 6,000 shares of the company’s stock in a transaction on Wednesday, February 8th. The stock was sold at an average price of $42.58, for a total value of $255,480.00. Following the transaction, the director now directly owns 27,663 shares in the company, valued at approximately $1,177,890.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,068,500 shares of company stock valued at $191,316,709. Company insiders own 13.60% of the company’s stock.

Wall Street Analyst Weigh In

ALGM has been the subject of a number of research reports. Cowen boosted their price objective on Allegro MicroSystems from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Wednesday, February 1st. Needham & Company LLC boosted their price objective on Allegro MicroSystems from $30.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, February 1st. Barclays boosted their price objective on Allegro MicroSystems from $32.00 to $44.00 and gave the company an “overweight” rating in a research note on Wednesday, February 1st. TheStreet upgraded Allegro MicroSystems from a “c” rating to a “b-” rating in a research note on Wednesday, November 16th. Finally, Wells Fargo & Company boosted their price objective on Allegro MicroSystems from $30.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, January 9th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, Allegro MicroSystems currently has a consensus rating of “Buy” and an average target price of $41.83.

Allegro MicroSystems Trading Up 2.8 %

NASDAQ:ALGM opened at $45.40 on Monday. The firm has a market cap of $8.69 billion, a P/E ratio of 58.96 and a beta of 1.71. The company has a current ratio of 4.52, a quick ratio of 3.65 and a debt-to-equity ratio of 0.03. The stock’s 50 day simple moving average is $37.29 and its 200-day simple moving average is $29.83. Allegro MicroSystems, Inc. has a 12-month low of $19.20 and a 12-month high of $45.99.

Allegro MicroSystems Company Profile

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Allegro MicroSystems, Inc 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, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.