Allegro MicroSystems, Inc. (NASDAQ:ALGM) Stake Lifted by Advisors Asset Management Inc.

Advisors Asset Management Inc. lifted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 50.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 18,441 shares of the company’s stock after purchasing an additional 6,219 shares during the quarter. Advisors Asset Management Inc.’s holdings in Allegro MicroSystems were worth $430,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Avior Wealth Management LLC grew its stake in shares of Allegro MicroSystems by 51.2% in the third quarter. Avior Wealth Management LLC now owns 13,954 shares of the company’s stock worth $325,000 after purchasing an additional 4,728 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Allegro MicroSystems by 111.5% in the third quarter. Thrivent Financial for Lutherans now owns 36,516 shares of the company’s stock worth $851,000 after purchasing an additional 19,251 shares in the last quarter. Mutual of America Capital Management LLC grew its stake in shares of Allegro MicroSystems by 105.3% in the third quarter. Mutual of America Capital Management LLC now owns 84,003 shares of the company’s stock worth $1,957,000 after purchasing an additional 43,090 shares in the last quarter. Natixis Advisors LLC grew its stake in shares of Allegro MicroSystems by 5.7% in the third quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock worth $700,000 after purchasing an additional 1,625 shares in the last quarter. Finally, KBC Group NV grew its stake 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 worth $84,000 after purchasing an additional 1,042 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ALGM shares. Loop Capital started coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target for the company. Morgan Stanley began coverage on Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective for the company. Wells Fargo & Company began coverage on Allegro MicroSystems in a report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 price objective for the company. Needham & Company LLC cut 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. Finally, UBS Group began coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.09.

Allegro MicroSystems Trading Down 0.4 %

Shares of NASDAQ ALGM opened at $21.48 on Thursday. Allegro MicroSystems, Inc. has a 12 month low of $18.59 and a 12 month high of $33.26. The company has a market cap of $3.95 billion, a price-to-earnings ratio of -153.42 and a beta of 1.69. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The business has a fifty day simple moving average of $21.42 and a 200-day simple moving average of $24.95.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.02. The firm had revenue of $187.39 million during the quarter, compared to the consensus estimate of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The business’s revenue for the quarter was down 32.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 EPS.

Insider Buying and Selling

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, with a total value of $285,000.00. Following the purchase, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.50% of the company’s stock.

Allegro MicroSystems 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.