Polar Asset Management Partners Inc. Purchases Shares of 257,404 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Polar Asset Management Partners Inc. acquired a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 257,404 shares of the company's stock, valued at approximately $5,998,000. Polar Asset Management Partners Inc. owned 0.14% of Allegro MicroSystems at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of ALGM. Westfield Capital Management Co. LP grew its position in shares of 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 worth $46,937,000 after buying an additional 711,185 shares during the period. XTX Topco Ltd purchased a new stake in Allegro MicroSystems in the second quarter worth about $856,000. Principal Financial Group Inc. increased its stake 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 valued at $58,244,000 after purchasing an additional 308,943 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Allegro MicroSystems by 18.7% during the second quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company's stock valued at $22,735,000 after purchasing an additional 127,094 shares during the last quarter. Finally, Ecofi Investissements SA bought a new stake in shares of Allegro MicroSystems in the 2nd quarter worth approximately $2,349,000. 56.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Loop Capital started coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a "buy" rating and a $30.00 price objective for the company. Needham & Company LLC lowered their price target on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. Wells Fargo & Company assumed coverage on shares of Allegro MicroSystems in a research report on Friday, November 22nd. They set an "overweight" rating and a $23.00 price objective on the stock. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a report on Friday, October 18th. Finally, UBS Group assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a "buy" rating and a $33.00 target price 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 MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $30.09.

Insider Activity at Allegro MicroSystems

In other news, SVP Michael Doogue bought 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The stock was bought at an average cost of $19.00 per share, with a total value of $285,000.00. Following the acquisition, the senior vice president now owns 246,086 shares of the company's stock, valued at $4,675,634. The trade was a 6.49 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.50% of the stock is owned by company insiders.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM traded down $0.42 during trading on Thursday, hitting $20.83. The company's stock had a trading volume of 1,773,681 shares, compared to its average volume of 1,944,776. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of -148.79 and a beta of 1.67. The company has a 50-day moving average of $21.31 and a 200-day moving average of $24.70. 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 released its quarterly 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. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The business had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. During the same period last year, the firm earned $0.36 earnings per share. The company's quarterly revenue was down 32.0% on a year-over-year basis.

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.