ArrowMark Colorado Holdings LLC Raises Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

ArrowMark Colorado Holdings LLC grew its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 28.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 248,561 shares of the company's stock after purchasing an additional 55,301 shares during the quarter. ArrowMark Colorado Holdings LLC owned about 0.14% of Allegro MicroSystems worth $5,791,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ALGM. Versant Capital Management Inc raised its position in shares of 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 acquiring an additional 1,096 shares in the last quarter. GAMMA Investing LLC lifted its position in 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 buying an additional 603 shares during the period. KBC Group NV boosted its holdings 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 valued at $84,000 after buying an additional 1,042 shares in the last quarter. CWM LLC grew its position in shares of 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 buying an additional 921 shares during the period. Finally, Van ECK Associates Corp bought a new position in shares of Allegro MicroSystems in the 3rd quarter worth about $172,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue bought 15,000 shares of the business's stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, with a total value of $285,000.00. Following the completion of the acquisition, 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 through the SEC website. Insiders own 0.50% of the company's stock.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM traded up $0.79 during trading on Tuesday, hitting $22.52. The company had a trading volume of 1,374,394 shares, compared to its average volume of 1,865,865. Allegro MicroSystems, Inc. has a 12 month low of $18.59 and a 12 month 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. The stock has a 50 day simple moving average of $21.36 and a 200 day simple moving average of $24.83.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings data 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. The firm 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 company's revenue for the quarter was down 32.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 earnings per share.

Analyst Ratings Changes

A number of brokerages have weighed in on ALGM. Morgan Stanley started coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 price objective on the stock. Needham & Company LLC cut their price target 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. Wells Fargo & Company began coverage on Allegro MicroSystems in a research note on Friday, November 22nd. They set an "overweight" rating and a $23.00 price objective for the company. Barclays reduced their price target on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a report on Friday, November 1st. Finally, Loop Capital began coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price target for the company. One 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 stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.