State Street Corp lifted its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 41.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,486,289 shares of the company's stock after acquiring an additional 1,615,351 shares during the period. State Street Corp owned approximately 2.98% of Allegro MicroSystems worth $127,831,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. Readystate Asset Management LP bought a new position in shares of Allegro MicroSystems during the third quarter valued at about $367,000. Polar Asset Management Partners Inc. bought a new stake in Allegro MicroSystems during the third quarter worth $5,998,000. Needham Investment Management LLC boosted its position in Allegro MicroSystems by 42.2% in the third quarter. Needham Investment Management LLC now owns 72,500 shares of the company's stock worth $1,689,000 after purchasing an additional 21,500 shares during the last quarter. Janus Henderson Group PLC grew its stake in Allegro MicroSystems by 42.1% in the 3rd quarter. Janus Henderson Group PLC now owns 51,229 shares of the company's stock valued at $1,193,000 after purchasing an additional 15,172 shares during the period. Finally, Holocene Advisors LP increased its position in shares of Allegro MicroSystems by 152.3% during the 3rd quarter. Holocene Advisors LP now owns 196,831 shares of the company's stock valued at $4,586,000 after purchasing an additional 118,816 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company's stock.
Allegro MicroSystems Stock Performance
ALGM traded up $0.36 during midday trading on Friday, hitting $22.00. 1,912,573 shares of the company traded hands, compared to its average volume of 1,936,343. 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, Inc. has a 52 week low of $18.59 and a 52 week high of $33.26. The firm has a market capitalization of $4.05 billion, a PE ratio of -157.14 and a beta of 1.67. The company's 50-day moving average is $21.16 and its 200 day moving average is $24.27.
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 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 firm had revenue of $187.39 million for the quarter, compared to analysts' expectations of $187.52 million. During the same quarter in the prior year, the business earned $0.36 EPS. The business's quarterly revenue was down 32.0% on a year-over-year basis.
Insider Activity
In related news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction on Monday, November 18th. The shares were bought at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the acquisition, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. The trade was a 6.49 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.50% of the company's stock.
Wall Street Analyst Weigh In
ALGM has been the subject of several research reports. Needham & Company LLC reduced their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. Barclays reduced their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a research report on Friday, November 1st. UBS Group began coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a "buy" rating and a $33.00 price objective on the stock. Morgan Stanley initiated coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 price target for the company. Finally, Wells Fargo & Company assumed coverage on Allegro MicroSystems in a research note on Friday, November 22nd. They set an "overweight" rating and a $23.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $30.09.
Check Out Our Latest Research Report on Allegro MicroSystems
Allegro MicroSystems Profile
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Free Report)
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.
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