Fmr LLC Acquires 8,534,089 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

FMR LLC raised its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 43.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,253,811 shares of the company's stock after acquiring an additional 8,534,089 shares during the period. FMR LLC owned approximately 15.36% of Allegro MicroSystems worth $658,314,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in ALGM. Versant Capital Management Inc increased its stake in shares of Allegro MicroSystems by 1,957.1% during the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company's stock valued at $33,000 after acquiring an additional 1,096 shares during the period. GAMMA Investing LLC boosted its stake in Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company's stock valued at $50,000 after purchasing an additional 603 shares in the last quarter. KBC Group NV increased its position 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 purchasing an additional 1,042 shares during the period. CWM LLC raised its stake 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 in the last quarter. Finally, Van ECK Associates Corp acquired a new stake in shares of Allegro MicroSystems in the third quarter valued at $172,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ALGM. Loop Capital began coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a "buy" rating and a $30.00 target price on the stock. UBS Group started coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a "buy" rating and a $33.00 target price for the company. Morgan Stanley began coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 price target on the stock. Needham & Company LLC cut their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. Finally, Barclays decreased their target price on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating on the stock in a report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, Allegro MicroSystems has an average rating of "Moderate Buy" and a consensus price target of $30.09.

Allegro MicroSystems Price Performance

NASDAQ:ALGM traded up $0.25 during trading hours on Friday, hitting $21.73. 591,339 shares of the company's stock traded hands, compared to its average volume of 1,947,626. The stock's fifty day moving average price is $21.42 and its two-hundred day moving average price is $24.95. 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, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26.

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. The business had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The firm's revenue was down 32.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 earnings per share.

Insiders Place Their Bets

In other news, SVP Michael Doogue purchased 15,000 shares of the 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 purchase, 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.