Allegro MicroSystems, Inc. (NASDAQ:ALGM) Position Increased by MetLife Investment Management LLC

MetLife Investment Management LLC boosted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 111.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,763 shares of the company's stock after purchasing an additional 42,068 shares during the period. MetLife Investment Management LLC's holdings in Allegro MicroSystems were worth $1,858,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position 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 worth $50,000 after buying an additional 603 shares in the last quarter. Prosperity Financial Group Inc. boosted its stake in Allegro MicroSystems by 7.9% during the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company's stock valued at $248,000 after acquiring an additional 784 shares during the last quarter. CWM LLC grew 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 in the last quarter. KBC Group NV increased its position in shares of Allegro MicroSystems by 40.9% in 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 last quarter. Finally, ProShare Advisors LLC raised its stake in shares of Allegro MicroSystems by 9.2% in the 2nd quarter. ProShare Advisors LLC now owns 13,280 shares of the company's stock valued at $375,000 after purchasing an additional 1,123 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company's stock.

Insider Buying and Selling

In other news, SVP Michael Doogue bought 15,000 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The stock was acquired 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 directly owns 246,086 shares of the company's stock, valued at $4,675,634. This represents a 6.49 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.50% of the stock is owned by corporate insiders.

Allegro MicroSystems Stock Performance

ALGM traded up $0.38 during trading hours on Friday, hitting $21.21. The company's stock had a trading volume of 1,287,938 shares, compared to its average volume of 1,942,002. The company has a 50-day simple moving average of $21.25 and a 200 day simple moving average of $24.67. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $3.90 billion, a PE ratio of -150.86 and a beta of 1.67. Allegro MicroSystems, Inc. has a fifty-two week low of $18.59 and a fifty-two week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. The firm had revenue of $187.39 million for 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%. Allegro MicroSystems's quarterly revenue was down 32.0% on a year-over-year basis. During the same quarter last year, the company earned $0.36 EPS.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wells Fargo & Company initiated coverage on Allegro MicroSystems in a report on Friday, November 22nd. They issued an "overweight" rating and a $23.00 price objective for the company. Loop Capital began coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price target for the company. Needham & Company LLC reduced their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. Barclays lowered their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a research note on Friday, November 1st. Finally, Morgan Stanley started coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They set an "equal weight" rating and a $21.00 target price on the stock. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $30.09.

Allegro MicroSystems Company 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.