Paloma Partners Management Co Invests $11.87 Million in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Paloma Partners Management Co acquired a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 509,630 shares of the company's stock, valued at approximately $11,874,000. Paloma Partners Management Co owned approximately 0.28% of Allegro MicroSystems as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of ALGM. Circle Wealth Management LLC increased its position in shares of Allegro MicroSystems by 204.1% during the third quarter. Circle Wealth Management LLC now owns 22,561 shares of the company's stock valued at $525,000 after acquiring an additional 15,142 shares in the last quarter. Verition Fund Management LLC boosted its stake in Allegro MicroSystems by 34.6% during the 3rd quarter. Verition Fund Management LLC now owns 55,532 shares of the company's stock valued at $1,294,000 after purchasing an additional 14,284 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Allegro MicroSystems by 7.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 194,322 shares of the company's stock valued at $4,528,000 after purchasing an additional 14,094 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Allegro MicroSystems by 58.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,292 shares of the company's stock worth $729,000 after purchasing an additional 11,556 shares in the last quarter. Finally, MetLife Investment Management LLC raised its stake in shares of Allegro MicroSystems by 111.6% in the third quarter. MetLife Investment Management LLC now owns 79,763 shares of the company's stock worth $1,858,000 after purchasing an additional 42,068 shares during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on ALGM. Mizuho set a $26.00 price objective on Allegro MicroSystems in a research report on Friday, October 18th. Needham & Company LLC dropped their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. Wells Fargo & Company began coverage on shares of Allegro MicroSystems in a report on Friday, November 22nd. They set an "overweight" rating and a $23.00 price objective for the company. UBS Group began coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a "buy" rating and a $33.00 target price on the stock. Finally, Morgan Stanley began coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They set an "equal weight" rating and a $21.00 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. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $30.09.

Insider Buying and Selling

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction dated Monday, November 18th. The shares were acquired at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the transaction, the senior vice president now directly owns 246,086 shares of the company's stock, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.50% of the stock is currently owned by insiders.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM traded up $0.25 during midday trading on Monday, hitting $21.73. The company had a trading volume of 591,339 shares, compared to its average volume of 1,947,625. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. The company has a fifty day moving average of $21.36 and a two-hundred day moving average of $24.83. The company has a market cap of $4.00 billion, a price-to-earnings ratio of -155.21 and a beta of 1.69. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $187.39 million during the quarter, compared to analysts' expectations of $187.52 million. During the same quarter in the prior year, the business posted $0.36 earnings per share. The business's quarterly revenue was down 32.0% on a year-over-year basis.

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.