Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Bought by Fmr LLC

Fmr LLC boosted its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 43.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 28,253,811 shares of the company’s stock after purchasing an additional 8,534,089 shares during the quarter. Fmr LLC owned about 0.15% of Allegro MicroSystems worth $658,314,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. Versant Capital Management Inc boosted its stake in shares of Allegro MicroSystems by 1,957.1% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after buying an additional 1,096 shares during the last quarter. GAMMA Investing LLC boosted its position in Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after purchasing an additional 603 shares in the last quarter. KBC Group NV grew its stake in shares of Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares during the period. CWM LLC increased its holdings in shares of Allegro MicroSystems by 27.7% during the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after purchasing an additional 921 shares in the last quarter. Finally, Van ECK Associates Corp acquired a new position in shares of Allegro MicroSystems in the 3rd quarter valued at $172,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $21.48 on Friday. The stock has a market capitalization of $3.95 billion, a price-to-earnings ratio of -153.43 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. The firm has a 50-day simple moving average of $21.42 and a 200-day simple moving average of $24.95. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42.

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. The business had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The business’s revenue was down 32.0% on a year-over-year basis. During the same period last year, the company posted $0.36 EPS.

Insider Buying and Selling at Allegro MicroSystems

In other news, SVP Michael Doogue purchased 15,000 shares of the stock in a transaction dated Monday, November 18th. The shares were purchased at an average price of $19.00 per share, with a total value of $285,000.00. Following the transaction, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. The trade was a 6.49 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

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

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.