Barclays PLC Grows Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Barclays PLC lifted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 88.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 75,620 shares of the company's stock after buying an additional 35,417 shares during the quarter. Barclays PLC's holdings in Allegro MicroSystems were worth $1,761,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC increased its position in Allegro MicroSystems by 43.3% in the third quarter. FMR LLC now owns 28,253,811 shares of the company's stock worth $658,314,000 after purchasing an additional 8,534,089 shares during the last quarter. State Street Corp increased its holdings in shares of Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company's stock worth $127,831,000 after buying an additional 1,615,351 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of Allegro MicroSystems during the 3rd quarter valued at about $71,289,000. Geode Capital Management LLC lifted its holdings in shares of Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock valued at $59,699,000 after acquiring an additional 1,187,792 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock worth $58,244,000 after acquiring an additional 308,943 shares in the last quarter. Institutional investors own 56.45% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ALGM. Mizuho set a $26.00 price objective on Allegro MicroSystems in a research report on Friday, October 18th. Barclays lowered their price target on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a research report on Friday, November 1st. Morgan Stanley began 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 objective on the stock. Wells Fargo & Company started coverage on shares of Allegro MicroSystems in a report on Friday, November 22nd. They issued an "overweight" rating and a $23.00 target price for the company. Finally, Loop Capital initiated 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 equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $30.09.

Insider Transactions at Allegro MicroSystems

In other news, SVP Michael Doogue purchased 15,000 shares of the firm's stock in a transaction on Monday, November 18th. The stock was acquired at an average cost of $19.00 per share, with a total value of $285,000.00. Following the completion of the transaction, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. This represents a 6.49 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.50% of the company's stock.

Allegro MicroSystems Trading Down 3.0 %

Shares of NASDAQ ALGM traded down $0.72 during trading hours on Friday, reaching $22.96. The stock had a trading volume of 1,655,820 shares, compared to its average volume of 2,313,853. The business's fifty day moving average price is $21.67 and its two-hundred day moving average price is $23.35. The firm has a market cap of $4.22 billion, a price-to-earnings ratio of -163.99 and a beta of 1.65. Allegro MicroSystems, Inc. has a 52-week low of $18.59 and a 52-week high of $33.26. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly 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 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 the consensus estimate of $187.52 million. During the same quarter in the prior year, the company earned $0.36 EPS. The business's 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.