Bessemer Group Inc. Sells 1,090 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Posted by Defense World Staff on Aug 24th, 2023

Bessemer Group Inc. cut its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM – Free Report) by 14.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,600 shares of the company’s stock after selling 1,090 shares during the quarter. Bessemer Group Inc.’s holdings in Allegro MicroSystems were worth $316,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Altshuler Shaham Ltd bought a new stake in Allegro MicroSystems in the fourth quarter worth $32,000. AllSquare Wealth Management LLC bought a new stake in Allegro MicroSystems in the first quarter worth $55,000. PNC Financial Services Group Inc. lifted its position 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 buying an additional 774 shares during the last quarter. Quent Capital LLC lifted its position in Allegro MicroSystems by 27.5% in the first quarter. Quent Capital LLC now owns 1,422 shares of the company’s stock worth $68,000 after buying an additional 307 shares during the last quarter. Finally, Cullen Frost Bankers Inc. bought a new stake in Allegro MicroSystems in the first quarter worth $72,000. 50.41% of the stock is currently owned by institutional investors.

Allegro MicroSystems Stock Performance

Shares of Allegro MicroSystems stock opened at $39.34 on Thursday. The firm has a market cap of $7.57 billion, a P/E ratio of 32.25 and a beta of 1.72. The company has a current ratio of 4.56, a quick ratio of 3.43 and a debt-to-equity ratio of 0.02. Allegro MicroSystems, Inc. has a 12 month low of $19.80 and a 12 month high of $53.05. The stock’s fifty day moving average price is $44.09 and its 200-day moving average price is $42.85.

Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last announced its quarterly earnings results on Tuesday, August 1st. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.32 by $0.02. The firm had revenue of $278.29 million for the quarter, compared to analyst estimates of $275.00 million. Allegro MicroSystems had a return on equity of 26.17% and a net margin of 23.67%. On average, equities research analysts expect that Allegro MicroSystems, Inc. will post 1.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ALGM shares. Needham & Company LLC reiterated a “buy” rating and set a $50.00 target price on shares of Allegro MicroSystems in a research report on Wednesday, August 9th. Barclays lifted their target price on Allegro MicroSystems from $50.00 to $60.00 in a research report on Thursday, July 20th. Wolfe Research started coverage on Allegro MicroSystems in a research report on Wednesday, July 19th. They set a “market perform” rating for the company. Wells Fargo & Company lifted their target price on Allegro MicroSystems from $52.00 to $60.00 in a research report on Wednesday, July 26th. Finally, TheStreet downgraded Allegro MicroSystems from a “b-” rating to a “c+” rating in a research report on Thursday, May 18th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $52.33.

Check Out Our Latest Stock Report on ALGM

About Allegro MicroSystems

(Free Report)

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.