Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC lifted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 86.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,561,482 shares of the company’s stock after purchasing an additional 1,187,792 shares during the quarter. Geode Capital Management LLC’s holdings in Allegro MicroSystems were worth $59,699,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of Allegro MicroSystems by 43.3% in the third quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after buying an additional 8,534,089 shares during the last quarter. State Street Corp increased its position in shares of Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after acquiring an additional 1,615,351 shares during the period. Wellington Management Group LLP purchased a new position in Allegro MicroSystems in the 3rd quarter worth $71,289,000. Principal Financial Group Inc. lifted its position in Allegro MicroSystems by 14.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock worth $58,244,000 after acquiring an additional 308,943 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in Allegro MicroSystems by 15.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock valued at $60,673,000 after purchasing an additional 285,747 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Price Performance

Shares of Allegro MicroSystems stock opened at $21.59 on Friday. The firm has a market cap of $3.97 billion, a PE ratio of -154.20 and a beta of 1.67. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26. 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 50-day moving average price of $21.23 and a 200 day moving average price of $24.02.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $187.39 million during the quarter, compared to analysts’ expectations of $187.52 million. During the same period in the previous year, the business earned $0.36 earnings per share. The business’s revenue was down 32.0% compared to the same quarter last year.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The stock was 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 directly owns 246,086 shares in the company, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.50% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ALGM. Barclays reduced their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Wells Fargo & Company began coverage on shares of Allegro MicroSystems in a report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 price objective on the stock. Morgan Stanley started coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price for the company. UBS Group assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target on the stock. Finally, Mizuho set a $26.00 price objective on Allegro MicroSystems in a research note on Friday, October 18th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average target price of $30.09.

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.