Charles Schwab Investment Management Inc. Increases Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Charles Schwab Investment Management Inc. increased its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 101.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,366,308 shares of the company's stock after buying an additional 688,539 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.74% of Allegro MicroSystems worth $31,835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in Allegro MicroSystems by 52.2% in the 2nd 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 last quarter. KBC Group NV grew its holdings in shares of Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company's stock worth $84,000 after purchasing an additional 1,042 shares in the last quarter. CWM LLC boosted its stake in Allegro MicroSystems by 27.7% in the second quarter. CWM LLC now owns 4,241 shares of the company's stock worth $120,000 after buying an additional 921 shares in the last quarter. Van ECK Associates Corp bought a new stake in Allegro MicroSystems in the third quarter valued at approximately $172,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Allegro MicroSystems in the second quarter valued at approximately $211,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ALGM shares. Morgan Stanley started coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 price target on the stock. Barclays dropped their price objective 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. Loop Capital started coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 target price on the stock. Wells Fargo & Company began coverage on Allegro MicroSystems in a research note on Friday, November 22nd. They issued an "overweight" rating and a $23.00 price objective on the stock. Finally, Mizuho set a $26.00 target price on Allegro MicroSystems in a research note on Friday, October 18th. One 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.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $30.09.

Allegro MicroSystems Stock Down 2.9 %

NASDAQ ALGM traded down $0.63 on Wednesday, reaching $21.25. 2,257,715 shares of the stock traded hands, compared to its average volume of 1,945,507. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. The company has a fifty day moving average price of $21.34 and a 200-day moving average price of $24.72. The company has a market cap of $3.91 billion, a price-to-earnings ratio of -151.77 and a beta of 1.67. Allegro MicroSystems, Inc. has a 12 month low of $18.59 and a 12 month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating analysts' consensus estimates of $0.06 by $0.02. The business had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. Allegro MicroSystems's revenue was down 32.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction dated 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 transaction, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. The trade was a 6.49 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

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.