Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 20.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,023,628 shares of the company's stock after acquiring an additional 1,884,578 shares during the quarter. JPMorgan Chase & Co. owned about 5.99% of Allegro MicroSystems worth $256,851,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Westfield Capital Management Co. LP lifted its position in shares of 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 purchasing an additional 711,185 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Allegro MicroSystems by 86.5% in the third 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 in the last quarter. XTX Topco Ltd purchased a new position in Allegro MicroSystems in the second quarter valued at $856,000. Wellington Management Group LLP purchased a new position in shares of Allegro MicroSystems in the 3rd quarter valued at about $71,289,000. Finally, Principal Financial Group Inc. grew its position in shares of Allegro MicroSystems by 14.1% during the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock worth $58,244,000 after buying an additional 308,943 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Price Performance

NASDAQ:ALGM traded up $0.28 during trading hours on Tuesday, hitting $21.86. The company's stock had a trading volume of 1,908,302 shares, compared to its average volume of 1,946,522. The company has a market capitalization of $4.02 billion, a PE ratio of -156.13 and a beta of 1.67. Allegro MicroSystems, Inc. has a 52-week low of $18.59 and a 52-week high of $33.26. The business's 50-day moving average is $21.45 and its two-hundred day moving average is $23.60. 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 (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, topping the consensus estimate of $0.06 by $0.02. The company had revenue of $187.39 million for 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 for the quarter was down 32.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 earnings per share.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on ALGM. Wells Fargo & Company initiated coverage on shares of Allegro MicroSystems in a report on Friday, November 22nd. They issued an "overweight" rating and a $23.00 price objective on the stock. Morgan Stanley began coverage on Allegro MicroSystems in a report on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 price objective for the company. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a report on Friday, October 18th. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, October 31st. Finally, UBS Group began coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a "buy" rating and a $33.00 price target on the stock. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Allegro MicroSystems presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.09.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of the company's stock in a transaction dated 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 purchase, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 0.50% of the stock is owned by company insiders.

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.