Wellington Management Group LLP Makes New Investment in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Wellington Management Group LLP acquired a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,059,634 shares of the company's stock, valued at approximately $71,289,000. Wellington Management Group LLP owned approximately 1.66% of Allegro MicroSystems at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. KBC Group NV boosted its position in shares of Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company's stock valued at $84,000 after acquiring an additional 1,042 shares during the period. CWM LLC boosted its holdings in Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company's stock valued at $120,000 after purchasing an additional 921 shares during the period. Van ECK Associates Corp bought a new stake in Allegro MicroSystems in the 3rd quarter valued at about $172,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Allegro MicroSystems during the 2nd quarter worth approximately $211,000. Finally, Intech Investment Management LLC bought a new position in shares of Allegro MicroSystems during the third quarter worth approximately $214,000. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Price Performance

Shares of Allegro MicroSystems stock traded up $0.92 during midday trading on Wednesday, hitting $21.96. 1,724,563 shares of the company traded hands, compared to its average volume of 1,939,824. The firm's fifty day moving average price is $21.13 and its 200-day moving average price is $24.41. The stock has a market cap of $4.04 billion, a price-to-earnings ratio of -150.29 and a beta of 1.67. Allegro MicroSystems, Inc. has a 12 month low of $18.59 and a 12 month high of $33.26. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday, October 18th. Barclays reduced their target price on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating on the stock in a report on Friday, November 1st. Loop Capital began coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price target on the stock. Morgan Stanley initiated coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They set an "equal weight" rating and a $21.00 price objective for the company. Finally, Needham & Company LLC decreased their target price 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. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Allegro MicroSystems currently has an average rating of "Moderate Buy" and a consensus price target of $30.09.

Insider Buying and Selling

In other news, SVP Michael Doogue purchased 15,000 shares of the company's stock in a transaction dated Monday, November 18th. The shares were purchased at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the transaction, the senior vice president now owns 246,086 shares of the company's stock, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by corporate insiders.

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.