Versant Capital Management Inc Acquires 1,096 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Versant Capital Management Inc raised its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 1,957.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,152 shares of the company’s stock after acquiring an additional 1,096 shares during the quarter. Versant Capital Management Inc’s holdings in Allegro MicroSystems were worth $33,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in ALGM. Vanguard Group Inc. grew its position in shares of Allegro MicroSystems by 13.5% during the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after buying an additional 999,939 shares in the last quarter. 1832 Asset Management L.P. bought a new position in shares of Allegro MicroSystems during the 4th quarter worth $28,756,000. Bamco Inc. NY lifted its stake in shares of Allegro MicroSystems by 477.6% during the 1st quarter. Bamco Inc. NY now owns 668,811 shares of the company’s stock worth $18,031,000 after purchasing an additional 553,016 shares during the last quarter. Norges Bank purchased a new stake in shares of Allegro MicroSystems during the 4th quarter worth $15,791,000. Finally, GW&K Investment Management LLC lifted its stake in shares of Allegro MicroSystems by 90.9% during the 4th quarter. GW&K Investment Management LLC now owns 1,050,208 shares of the company’s stock worth $31,790,000 after purchasing an additional 499,936 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

Insider Buying and Selling

In related news, Director Richard R. Lury sold 8,500 shares of Allegro MicroSystems stock in a transaction that occurred on 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 owns 23,001 shares in the company, valued at $690,030. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, major shareholder Electric Co. Ltd. Sanken sold 28,750,000 shares of Allegro MicroSystems stock in a transaction on Monday, July 29th. The stock was sold at an average price of $23.16, for a total value of $665,850,000.00. Following the completion of the sale, the insider now directly owns 69,750,097 shares of the company’s stock, valued at $1,615,412,246.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard R. Lury sold 8,500 shares of Allegro MicroSystems stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $30.00, for a total value of $255,000.00. Following the completion of the sale, the director now directly owns 23,001 shares of the company’s stock, valued at $690,030. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ALGM has been the subject of a number of research analyst reports. Evercore ISI initiated coverage on Allegro MicroSystems in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 price target for the company. Barclays reduced their price objective on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. Needham & Company LLC restated a “buy” rating and issued a $33.00 price objective on shares of Allegro MicroSystems in a research note on Friday, August 2nd. Jefferies Financial Group began coverage on Allegro MicroSystems in a research note on Monday, May 13th. They issued a “buy” rating and a $37.00 price objective for the company. Finally, Mizuho reduced their price objective on Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, May 10th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $34.63.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM traded up $0.69 during trading on Wednesday, reaching $21.99. The stock had a trading volume of 363,474 shares, compared to its average volume of 1,819,244. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.48 and a current ratio of 4.65. The business has a fifty day moving average price of $28.30 and a 200-day moving average price of $28.68. The stock has a market cap of $4.26 billion, a PE ratio of 27.31 and a beta of 1.68. Allegro MicroSystems, Inc. has a 1-year low of $20.88 and a 1-year high of $41.68.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. The firm had revenue of $166.90 million for the quarter, compared to the consensus estimate of $165.04 million. During the same quarter last year, the business posted $0.34 earnings per share. The firm’s revenue was down 40.0% compared to the same quarter last year. On average, equities analysts forecast that Allegro MicroSystems, Inc. will post 0.23 earnings per share for the current fiscal year.

About Allegro MicroSystems

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.