Geode Capital Management LLC Has $59.70 Million Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Geode Capital Management LLC grew its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 86.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,561,482 shares of the company's stock after acquiring an additional 1,187,792 shares during the period. Geode Capital Management LLC owned about 1.39% of Allegro MicroSystems worth $59,699,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Prosperity Financial Group Inc. grew its holdings in Allegro MicroSystems by 7.9% during the third quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company's stock worth $248,000 after acquiring an additional 784 shares during the period. KBC Group NV boosted its position in Allegro MicroSystems by 40.9% in the 3rd 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. ProShare Advisors LLC grew its stake in shares of Allegro MicroSystems by 9.2% during the 2nd quarter. ProShare Advisors LLC now owns 13,280 shares of the company's stock worth $375,000 after purchasing an additional 1,123 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Allegro MicroSystems by 9.9% during the 2nd quarter. Victory Capital Management Inc. now owns 16,536 shares of the company's stock valued at $467,000 after purchasing an additional 1,484 shares in the last quarter. Finally, Natixis Advisors LLC lifted its stake in shares of Allegro MicroSystems by 5.7% in the 3rd quarter. Natixis Advisors LLC now owns 30,062 shares of the company's stock valued at $700,000 after purchasing an additional 1,625 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM traded up $0.52 on Friday, hitting $21.59. The company's stock had a trading volume of 8,689,286 shares, compared to its average volume of 1,963,676. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of -154.20 and a beta of 1.67. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. Allegro MicroSystems, Inc. has a 12 month low of $18.59 and a 12 month high of $33.26. The stock's 50-day moving average is $21.23 and its two-hundred day moving average is $23.99.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) 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 for the quarter, compared to analysts' expectations of $187.52 million. During the same period last year, the firm earned $0.36 EPS. The firm's revenue for the quarter was down 32.0% on a year-over-year basis.

Insider Activity

In related news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were purchased 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 of the company's stock, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 0.50% of the stock is owned by company insiders.

Analyst Ratings Changes

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

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.