Barclays PLC Has $1.76 Million Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

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

Several other hedge funds have also modified their holdings of the stock. FMR LLC lifted its position in Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company's stock valued at $658,314,000 after purchasing an additional 8,534,089 shares during the period. Wellington Management Group LLP bought a new position in Allegro MicroSystems in the third quarter valued at approximately $71,289,000. State Street Corp boosted its position 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 purchasing an additional 1,615,351 shares during the last quarter. Loomis Sayles & Co. L P acquired a new position in Allegro MicroSystems in the third quarter valued at about $18,269,000. Finally, Westfield Capital Management Co. LP boosted its holdings in Allegro MicroSystems by 54.6% during the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company's stock worth $46,937,000 after buying an additional 711,185 shares during the last quarter. 56.45% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on ALGM. Wells Fargo & Company began coverage on shares of Allegro MicroSystems in a research note on Friday, November 22nd. They set an "overweight" rating and a $23.00 price objective on the stock. Loop Capital assumed coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a "buy" rating and a $30.00 price objective on the stock. Morgan Stanley began coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 target price for the company. Barclays dropped their price target on 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, UBS Group assumed coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a "buy" rating and a $33.00 target price for the company. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.09.

Allegro MicroSystems Stock Up 0.1 %

ALGM traded up $0.02 during trading hours on Friday, hitting $22.29. 1,352,192 shares of the company's stock were exchanged, compared to its average volume of 1,948,424. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of -159.20 and a beta of 1.67. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26. The stock's 50-day moving average is $21.38 and its two-hundred day moving average is $23.74. 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 announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate 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 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 earned $0.36 EPS. Allegro MicroSystems's revenue for the quarter was down 32.0% compared to the same quarter last year.

Insider Transactions at Allegro MicroSystems

In other news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction dated Monday, November 18th. The shares were bought at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company 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.