Pier Capital LLC Makes New Investment in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Pier Capital LLC bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 322,495 shares of the company's stock, valued at approximately $7,514,000. Pier Capital LLC owned approximately 0.18% of Allegro MicroSystems as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in ALGM. Wellington Management Group LLP bought a new position in shares of Allegro MicroSystems in the third quarter valued at about $71,289,000. Two Sigma Advisers LP raised its holdings in shares of Allegro MicroSystems by 21.8% in the third quarter. Two Sigma Advisers LP now owns 627,000 shares of the company's stock valued at $14,609,000 after buying an additional 112,400 shares during the last quarter. State Street Corp raised its holdings in shares of Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company's stock valued at $127,831,000 after buying an additional 1,615,351 shares during the last quarter. Readystate Asset Management LP bought a new position in shares of Allegro MicroSystems in the third quarter valued at about $367,000. Finally, Polar Asset Management Partners Inc. bought a new position in shares of Allegro MicroSystems in the third quarter valued at about $5,998,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Insider Activity at Allegro MicroSystems

In other news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction on Monday, November 18th. The stock was purchased at an average price of $19.00 per share, with a total value of $285,000.00. Following the transaction, the senior vice president now directly owns 246,086 shares in the company, valued at $4,675,634. The trade was a 6.49 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 0.50% of the stock is owned by insiders.

Allegro MicroSystems Trading Up 1.8 %

Shares of ALGM stock traded up $0.38 on Friday, reaching $21.21. The company had a trading volume of 1,287,938 shares, compared to its average volume of 1,885,682. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The stock has a market cap of $3.90 billion, a PE ratio of -151.49 and a beta of 1.67. The company has a 50-day moving average of $21.19 and a 200-day moving average of $24.58. 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 issued 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. 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 analyst estimates of $187.52 million. During the same period in the previous year, the firm earned $0.36 EPS. Allegro MicroSystems's quarterly revenue was down 32.0% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. 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 target for the company. Wells Fargo & Company started coverage on Allegro MicroSystems in a report on Friday, November 22nd. They set an "overweight" rating and a $23.00 price objective for the company. Needham & Company LLC dropped their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, October 31st. Barclays dropped their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a report on Friday, November 1st. Finally, Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems presently has an average rating of "Moderate Buy" and an average price target of $30.09.

Allegro MicroSystems Company 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.