Massachusetts Financial Services Co. MA Raises Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Massachusetts Financial Services Co. MA grew its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 47.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,453,004 shares of the company's stock after purchasing an additional 468,707 shares during the period. Massachusetts Financial Services Co. MA owned about 0.79% of Allegro MicroSystems worth $33,855,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Silvercrest Asset Management Group LLC boosted its position in Allegro MicroSystems by 363.0% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company's stock valued at $17,053,000 after acquiring an additional 495,935 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Allegro MicroSystems by 238.9% in the first quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company's stock valued at $1,503,000 after purchasing an additional 39,289 shares during the period. XTX Topco Ltd purchased a new position in shares of Allegro MicroSystems in the second quarter worth about $856,000. Principal Financial Group Inc. lifted its holdings 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 purchasing an additional 308,943 shares during the period. Finally, Vanguard Group Inc. boosted its position in Allegro MicroSystems by 13.5% in the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company's stock valued at $226,466,000 after buying an additional 999,939 shares during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Barclays decreased their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a research note on Friday, November 1st. Wells Fargo & Company initiated coverage on shares of Allegro MicroSystems in a report on Friday. They issued an "overweight" rating and a $23.00 price target on the stock. Loop Capital began coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a "buy" rating and a $30.00 target price on the stock. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a report on Friday, October 18th. Finally, Morgan Stanley started coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an "equal weight" rating and a $21.00 target price on the stock. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $30.09.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction on Monday, November 18th. The shares were bought 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 of the company's stock, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.50% of the company's stock.

Allegro MicroSystems Price Performance

Allegro MicroSystems stock traded up $1.09 during midday trading on Monday, reaching $22.40. 1,603,809 shares of the stock traded hands, compared to its average volume of 1,952,477. 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 50-day simple moving average of $21.49 and a two-hundred day simple moving average of $25.05. 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 announced its quarterly earnings data 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. The business had revenue of $187.39 million for the quarter, compared to analysts' expectations of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The company's revenue for the quarter was down 32.0% compared to the same quarter last year. During the same period last year, the firm earned $0.36 earnings per share.

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.