ArrowMark Colorado Holdings LLC Acquires 55,301 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

ArrowMark Colorado Holdings LLC lifted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 28.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 248,561 shares of the company’s stock after acquiring an additional 55,301 shares during the period. ArrowMark Colorado Holdings LLC owned approximately 0.14% of Allegro MicroSystems worth $5,791,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc boosted its stake in Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares during the period. GAMMA Investing LLC boosted its position in shares of Allegro MicroSystems by 52.2% in the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after acquiring an additional 603 shares during the period. KBC Group NV grew its stake in Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after acquiring an additional 1,042 shares in the last quarter. CWM LLC increased its holdings in Allegro MicroSystems by 27.7% during the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after acquiring an additional 921 shares during the period. Finally, Van ECK Associates Corp purchased a new stake in Allegro MicroSystems in the 3rd quarter worth approximately $172,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Michael Doogue acquired 15,000 shares of the company’s stock in a transaction dated 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 purchase, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. This trade represents a 6.49 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.50% of the company’s stock.

Allegro MicroSystems Stock Up 3.6 %

Shares of ALGM opened at $22.52 on Tuesday. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The stock has a 50 day simple moving average of $21.36 and a two-hundred day simple moving average of $24.83. The firm has a market cap of $4.14 billion, a P/E ratio of -160.86 and a beta of 1.69.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The company had revenue of $187.39 million during the quarter, compared to analysts’ expectations of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The firm’s revenue was down 32.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS.

Analyst Ratings Changes

ALGM has been the subject of a number of recent analyst reports. Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target for the company. 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 report on Thursday, October 31st. Barclays decreased their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday, October 18th. Finally, Loop Capital started coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.09.

Allegro MicroSystems Profile

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.