Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Purchased by Holocene Advisors LP

Holocene Advisors LP raised its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 152.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 196,831 shares of the company's stock after acquiring an additional 118,816 shares during the period. Holocene Advisors LP owned approximately 0.11% of Allegro MicroSystems worth $4,586,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Allegro MicroSystems by 52.2% during the 2nd 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 lifted its stake in Allegro MicroSystems by 40.9% during the 3rd 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 during the period. CWM LLC lifted its stake in 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 acquiring an additional 921 shares during the period. Van ECK Associates Corp bought a new position in Allegro MicroSystems during the 3rd quarter valued at about $172,000. Finally, Oppenheimer Asset Management Inc. bought a new position in Allegro MicroSystems during the 2nd quarter valued at about $211,000. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Trading Down 2.0 %

ALGM traded down $0.42 during trading on Thursday, reaching $20.83. The company had a trading volume of 1,773,681 shares, compared to its average volume of 1,944,776. The stock has a market cap of $3.83 billion, a P/E ratio of -148.79 and a beta of 1.67. The business has a 50 day simple moving average of $21.31 and a 200-day simple moving average of $24.70. Allegro MicroSystems, Inc. has a 52 week low of $18.59 and a 52 week high of $33.26. 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 - Get Free Report) 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 positive return on equity of 8.48% and a negative net margin of 2.96%. The business had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. During the same quarter last year, the firm posted $0.36 earnings per share. The business's revenue was down 32.0% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ALGM. Loop Capital began coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 target price for the company. Needham & Company LLC reduced their target price 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. Morgan Stanley assumed coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 price target for the company. Wells Fargo & Company assumed coverage on Allegro MicroSystems in a research note on Friday, November 22nd. They issued an "overweight" rating and a $23.00 price target for the company. Finally, Mizuho set a $26.00 price target on Allegro MicroSystems in a research note on Friday, October 18th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and an average price target of $30.09.

Insiders Place Their Bets

In related news, SVP Michael Doogue bought 15,000 shares of the business's stock in a transaction on Monday, November 18th. The shares were bought at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the senior vice president now directly owns 246,086 shares of the company's stock, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.50% of the company's stock.

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.