Westfield Capital Management Co. LP Raises Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Westfield Capital Management Co. LP boosted its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 54.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,014,481 shares of the company's stock after purchasing an additional 711,185 shares during the period. Westfield Capital Management Co. LP owned approximately 1.09% of Allegro MicroSystems worth $46,937,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC grew its holdings in shares of 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 last quarter. CWM LLC lifted its stake in Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company's stock worth $120,000 after acquiring an additional 921 shares in the last quarter. KBC Group NV boosted its holdings in shares of 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 purchasing an additional 1,042 shares during the period. Versant Capital Management Inc grew its holdings in shares of Allegro MicroSystems by 1,957.1% during the 2nd 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 increased its position in Allegro MicroSystems by 9.2% in the 2nd quarter. ProShare Advisors LLC now owns 13,280 shares of the company's stock worth $375,000 after purchasing an additional 1,123 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Michael Doogue acquired 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The shares were acquired at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the transaction, the senior vice president now directly owns 246,086 shares of the company's stock, valued at approximately $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 through this hyperlink. Corporate insiders own 0.50% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research note on Friday, October 18th. Morgan Stanley initiated coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an "equal weight" rating and a $21.00 target price for the company. Wells Fargo & Company initiated coverage on shares of Allegro MicroSystems in a research note on Friday. They set an "overweight" rating and a $23.00 price objective on the stock. Barclays reduced their price target on shares of Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating on the stock in a research report on Friday, November 1st. Finally, Needham & Company LLC dropped their target price on shares of 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 investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $30.09.

Allegro MicroSystems Stock Up 4.8 %

ALGM stock traded up $1.02 during mid-day trading on Monday, reaching $22.33. The company had a trading volume of 2,638,370 shares, compared to its average volume of 1,957,021. The stock has a 50 day simple moving average of $21.49 and a two-hundred day simple moving average of $25.01. Allegro MicroSystems, Inc. has a 52 week low of $18.59 and a 52 week high of $33.26. The company has a market capitalization of $4.11 billion, a price-to-earnings ratio of -159.49 and a beta of 1.69. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) 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 company had revenue of $187.39 million during the quarter, compared to analysts' expectations of $187.52 million. During the same quarter last year, the company posted $0.36 EPS. Allegro MicroSystems's quarterly revenue was down 32.0% compared to the same quarter last year.

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.