Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Purchased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA raised its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 47.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,453,004 shares of the company’s stock after acquiring an additional 468,707 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Allegro MicroSystems were worth $33,855,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. GAMMA Investing LLC lifted its position in Allegro MicroSystems by 52.2% during the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after purchasing an additional 603 shares during the period. CWM LLC lifted its holdings in shares of Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after buying an additional 921 shares during the period. KBC Group NV grew its holdings in Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after acquiring an additional 1,042 shares during the period. Versant Capital Management Inc raised its position in Allegro MicroSystems by 1,957.1% during the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after acquiring an additional 1,096 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Allegro MicroSystems by 9.2% in the second quarter. ProShare Advisors LLC now owns 13,280 shares of the company’s stock valued at $375,000 after acquiring an additional 1,123 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $21.31 on Monday. The firm has a 50-day simple moving average of $21.49 and a 200-day simple moving average of $25.05. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of -152.21 and a beta of 1.69. Allegro MicroSystems, Inc. has a 52 week low of $18.59 and a 52 week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The business had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. During the same period last year, the company posted $0.36 EPS. The business’s revenue was down 32.0% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ALGM shares. Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective on the stock. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research report on Friday, October 18th. Barclays dropped their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target on the stock. Finally, Needham & Company LLC reduced their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.09.

Insider Transactions at Allegro MicroSystems

In other news, SVP Michael Doogue acquired 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the acquisition, the senior vice president now owns 246,086 shares of the company’s stock, valued at $4,675,634. This trade represents a 6.49 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.50% of the company’s stock.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.