On September 8, 2023, it was reported that Sei Investments Co. has significantly increased its holdings in Allegro MicroSystems, Inc. The investment firm revealed in its Form 13F filing with the Securities and Exchange Commission (SEC) that it had raised its ownership by 94.4% during the first quarter. Following this increase, Sei Investments Co. held a total of 299,776 shares of Allegro MicroSystems’ stock, acquiring an additional 145,583 shares within the quarter. This investment amounted to approximately $14,386,000 in value at the time of filing.
Allegro MicroSystems is listed on the NASDAQ stock exchange under the symbol ALGM. On Friday, September 8th, its shares opened at $35.07. The company’s market capitalization is currently estimated at $6.75 billion with a price-to-earnings ratio of 28.83 and a beta of 1.80.
Allegro MicroSystems’ stock performance over the past year has been noteworthy. It observed a 12 month low of $19.80 and reached a high of $53.05 during that period.
The company’s financial health is indicated by certain ratios such as its current ratio of 4.56 and quick ratio of 3.43 which demonstrate its ability to meet short-term obligations efficiently. Additionally, Allegro MicroSystems enjoys a favorable debt-to-equity ratio standing at just 0.02.
These figures provide valuable insight into Allegro MicroSystems’ position in the stock market and financial standings as per Sei Investments Co.’s recent findings.
Investors interested in this technology sector may find this information vital for making informed decisions regarding their portfolio strategies moving forward.
CNX Resources Corporation
CNX
Strong Buy
Updated on: 03/12/2023
Financial Health
Very Healthy
Debt to equity ratio: Buy
Price to earnings ratio: Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
ROE: Strong Buy
Hedge Funds and Investors Show Strong Interest in Allegro MicroSystems, Sparking Confidence in Future Growth and Performance
Allegro MicroSystems, a leading provider of integrated circuit solutions for the automotive and industrial markets, has seen a significant increase in hedge fund investment activity. FMR LLC, a prominent hedge fund firm, recently raised its holdings in Allegro MicroSystems by an impressive 43.3% during the first quarter of this year. This surge in ownership equated to an additional 2,436,308 shares of the company’s stock.
In addition to FMR LLC’s increased position, other major hedge funds have also shown interest in Allegro MicroSystems. Wellington Management Group LLP purchased a new stake in the company during the first quarter valued at approximately $39,429,000. Millennium Management LLC saw an astonishing growth in its position by 1,087%, owning 1,211,738 shares worth $36,376,000 as of the last quarter. Furthermore, Norges Bank acquired a new position worth around $19,174,000 in Allegro MicroSystems during the fourth quarter.
Clearbridge Investments LLC demonstrated their confidence in Allegro MicroSystems by raising their position by 18.6% in the first quarter. Their increased ownership accounted for an additional 632,036 shares valued at $114,450,000.
These investments indicate that multiple hedge funds and institutional investors now own over half of Allegro MicroSystems’ stock (approximately 50.63%). This strong backing from these financial powerhouses reflects the potential they see in the company’s future growth and performance.
Amidst this flurry of investment activity lies news pertaining to one of Allegro MicroSystems’ directors, Joseph R. Martin. On August 23rd of this year , Martin sold 17,000 shares of his own accord at an average price of $38.73 per share—a transaction that amounted to $658,410.00 altogether. As a result of this sale,the director now directly holds 22,374 shares of the company, equaling a value of approximately $866,545.02. This event was officially disclosed in a document filed with the Securities and Exchange Commission (SEC).
In terms of financial performance, Allegro MicroSystems released its quarterly earnings data on August 1st. The company reported an EPS (earnings per share) of $0.34 for the quarter—a surpassing figure compared to the market consensus estimate of $0.32 per share. Furthermore, Allegro MicroSystems recorded revenue amounting to $278.29 million for the quarter, exceeding analysts’ expectations set at $275.00 million.
Impressively, Allegro MicroSystems achieved a return on equity of 26.17% and maintained a net margin of 23.67% during this period.
Research reports surrounding Allegro MicroSystems have also garnered attention as they reflect analysts’ outlook on its prospects. Barclays, one such research institution, increased their price target on Allegro MicroSystems from $50.00 to $60.00 in a note published on July 20th . Conversely, TheStreet downgraded their rating for the company from “b-” to “c+” in another research report dated May 18th.
Mizuho also joined the discussion by elevating their price objective to between $50.00 and $56.00 based on its analysis published on July 20th . Meanwhile,Wolfe Research initiated coverage on Allegro MicroSystems and rated it as “market perform” in a research report presented last July 19th .
Wells Fargo & Company added further credibility to Allegro MicroSystems with a substantial increase in their price target from $52.00 to an impressive $60.00 threshold in their latest report issued on July 26th.
Currently, Bloomberg reported that Allegro MicroSystems holds an average rating called “Moderate Buy” alongside an average target price set at $52.33.
With such esteemed hedge funds and institutional investors showing a strong interest in Allegro MicroSystems, it is clear that the company has captured the attention of those who recognize its potential for future growth and success in the industry. As the firm continues to deliver impressive financial results and receive positive research reports, Allegro MicroSystems may see a sustained increase in its stock’s value and overall market performance in the coming months.
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