Rep. Josh Gottheimer Purchases Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Representative Josh Gottheimer (D-New Jersey) recently bought shares of Allegro MicroSystems, Inc. NASDAQ: ALGM. In a filing disclosed on November 06th, the Representative disclosed that they had bought between $1,001 and $15,000 in Allegro MicroSystems stock on October 17th. The trade occurred in the Representative's "MORGAN STANLEY - SELECT UMA ACCOUNT # 1" account.

Representative Josh Gottheimer also recently made the following trade(s):

• Purchased $1,001 - $15,000 in shares of Texas Capital Bancshares NASDAQ: TCBI on 10/31/2024.
• Sold $1,001 - $15,000 in shares of ITT NYSE: ITT on 10/31/2024.
• Sold $1,001 - $15,000 in shares of Stifel Financial NYSE: SF on 10/31/2024.
• Sold $1,001 - $15,000 in shares of ICU Medical NASDAQ: ICUI on 10/31/2024.
• Sold $1,001 - $15,000 in shares of AppFolio NASDAQ: APPF on 10/31/2024.
• Purchased $1,001 - $15,000 in shares of Gates Industrial NYSE: GTES on 10/31/2024.
• Purchased $1,001 - $15,000 in shares of Techtronic Industries OTCMKTS: TTNDY on 10/29/2024.
• Purchased $1,001 - $15,000 in shares of Techtronic Industries OTCMKTS: TTNDY on 10/28/2024.
• Purchased $1,001 - $15,000 in shares of Disco OTCMKTS: DSCSY on 10/28/2024.
• Purchased $1,001 - $15,000 in shares of Enerpac Tool Group NYSE: EPAC on 10/25/2024.

Allegro MicroSystems Stock Performance

Shares of ALGM stock traded down $0.43 on Friday, hitting $21.73. The company had a trading volume of 1,431,918 shares, compared to its average volume of 1,936,363. The firm has a market cap of $4.00 billion, a P/E ratio of -158.27 and a beta of 1.69. Allegro MicroSystems, Inc. has a twelve month low of $19.71 and a twelve month high of $33.26. The company has a 50-day moving average price of $21.99 and a 200-day moving average price of $25.78. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued 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. 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 analysts' expectations of $187.52 million. During the same quarter last year, the company earned $0.36 EPS. The business's revenue was down 32.0% on a year-over-year basis. As a group, equities research analysts predict that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Allegro MicroSystems

A number of hedge funds have recently modified their holdings of the business. Clearbridge Investments LLC raised its holdings in Allegro MicroSystems by 6.7% in the 1st quarter. Clearbridge Investments LLC now owns 3,731,268 shares of the company's stock valued at $100,595,000 after acquiring an additional 235,335 shares during the last quarter. Silvercrest Asset Management Group LLC lifted its position in Allegro MicroSystems by 363.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company's stock worth $17,053,000 after buying an additional 495,935 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Allegro MicroSystems by 238.9% during the first quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company's stock worth $1,503,000 after buying an additional 39,289 shares in the last quarter. Qsemble Capital Management LP acquired a new position in Allegro MicroSystems during the first quarter worth $583,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Allegro MicroSystems by 21.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 189,369 shares of the company's stock valued at $5,105,000 after buying an additional 33,422 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ALGM. Needham & Company LLC dropped their target price on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, October 31st. Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. Morgan Stanley began coverage on Allegro MicroSystems in a research note on Thursday. They set an "equal weight" rating and a $21.00 target price for the company. Barclays dropped their price target on shares of Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating on the stock in a research note on Friday, November 1st. Finally, UBS Group assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a "buy" rating and a $33.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.89.

About Representative Gottheimer

Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey's 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2025. Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey's 5th Congressional District. He declared candidacy for the 2024 election. Gottheimer was first elected to the House in 2016. Prior to his election, Gottheimer worked for Microsoft, the Federal Communications Commission, and for the administration of President Bill Clinton (D). Click here for more information about Gottheimer's career. Gottheimer serves on the House Financial Services Committee, where is a member of three subcommittees. For more on Gottheimer's committee assignments, click here. Gottheimer became a co-chair of the Problem Solvers Caucus in February 2017. Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

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.