Oak Thistle LLC Takes $649,000 Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Oak Thistle LLC purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 29,688 shares of the company's stock, valued at approximately $649,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Westfield Capital Management Co. LP increased its holdings in Allegro MicroSystems by 54.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company's stock valued at $46,937,000 after buying an additional 711,185 shares during the period. JPMorgan Chase & Co. increased its stake in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after acquiring an additional 1,884,578 shares during the last quarter. Geode Capital Management LLC raised its position in Allegro MicroSystems by 86.5% during the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock valued at $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. Wellington Management Group LLP bought a new stake in Allegro MicroSystems during the third quarter worth $71,289,000. Finally, XTX Topco Ltd acquired a new stake in shares of Allegro MicroSystems in the 2nd quarter valued at $856,000. Institutional investors own 56.45% of the company's stock.

Insider Activity

In other news, SVP Michael Doogue bought 15,000 shares of the company's stock in a transaction that occurred on Monday, November 18th. The shares were acquired at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. This represents a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.50% of the company's stock.

Allegro MicroSystems Trading Up 1.3 %

NASDAQ:ALGM traded up $0.31 during trading hours on Thursday, hitting $23.71. 2,077,337 shares of the company were exchanged, compared to its average volume of 2,064,314. The company has a fifty day simple moving average of $21.79 and a 200 day simple moving average of $23.27. Allegro MicroSystems, Inc. has a one year low of $18.59 and a one year high of $33.26. The stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of -169.35 and a beta of 1.65. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates 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 positive return on equity of 8.48% and a negative net margin of 2.96%. The firm's quarterly revenue was down 32.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.36 earnings per share.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Loop Capital began coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a "buy" rating and a $30.00 price objective for the company. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a report on Friday, October 18th. Barclays decreased their price target on shares of Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating on the stock in a report on Friday, November 1st. Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 price objective for the company. Finally, Wells Fargo & Company boosted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $30.45.

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.