Renaissance Technologies LLC Purchases 84,532 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Posted by Defense World Staff on Mar 8th, 2023

Renaissance Technologies LLC boosted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) by 28.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 383,332 shares of the company’s stock after purchasing an additional 84,532 shares during the period. Renaissance Technologies LLC owned approximately 0.20% of Allegro MicroSystems worth $8,376,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in ALGM. Signaturefd LLC raised its holdings in shares of Allegro MicroSystems by 134.1% in the third quarter. Signaturefd LLC now owns 1,365 shares of the company’s stock worth $30,000 after buying an additional 782 shares during the period. PNC Financial Services Group Inc. increased its stake in Allegro MicroSystems by 201.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after purchasing an additional 774 shares during the period. Assetmark Inc. lifted its position in shares of Allegro MicroSystems by 27.1% during the third quarter. Assetmark Inc. now owns 2,381 shares of the company’s stock worth $52,000 after purchasing an additional 507 shares during the last quarter. US Bancorp DE boosted its stake in shares of Allegro MicroSystems by 981.5% during the first quarter. US Bancorp DE now owns 2,455 shares of the company’s stock valued at $70,000 after purchasing an additional 2,228 shares during the period. Finally, MetLife Investment Management LLC bought a new position in shares of Allegro MicroSystems in the first quarter worth about $74,000. Institutional investors own 46.89% of the company’s stock.

Insider Activity

In related news, SVP Joanne Valente sold 1,123 shares of the company’s stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $30.07, for a total transaction of $33,768.61. Following the completion of the sale, the senior vice president now directly owns 97,153 shares in the company, valued at approximately $2,921,390.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other 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 directly owns 17,649,247 shares of the company’s stock, valued at $666,435,566.72. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Joanne Valente sold 1,123 shares of the stock in a transaction on Wednesday, January 4th. The shares were sold at an average price of $30.07, for a total value of $33,768.61. Following the sale, the senior vice president now owns 97,153 shares of the company’s stock, valued at approximately $2,921,390.71. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,068,500 shares of company stock worth $191,316,709. 13.60% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on ALGM. Mizuho boosted their price objective on shares of Allegro MicroSystems from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, February 1st. Cowen boosted their price target on Allegro MicroSystems from $38.00 to $44.00 and gave the company an “outperform” rating in a report on Wednesday, February 1st. Barclays raised their price objective on Allegro MicroSystems from $32.00 to $44.00 and gave the stock an “overweight” rating in a report on Wednesday, February 1st. Needham & Company LLC upped their target price on Allegro MicroSystems from $30.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, February 1st. Finally, Cowen raised their price target on Allegro MicroSystems to $44.00 in a research note on Thursday, February 2nd. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $41.83.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM opened at $45.25 on Wednesday. The company has a quick ratio of 3.65, a current ratio of 4.52 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $8.67 billion, a price-to-earnings ratio of 58.77 and a beta of 1.71. The firm has a 50 day moving average of $37.90 and a 200 day moving average of $30.10. Allegro MicroSystems, Inc. has a 52 week low of $19.20 and a 52 week high of $46.90.

Allegro MicroSystems 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.