Avior Wealth Management LLC Boosts Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Avior Wealth Management LLC grew its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 51.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,954 shares of the company’s stock after purchasing an additional 4,728 shares during the period. Avior Wealth Management LLC’s holdings in Allegro MicroSystems were worth $325,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in Allegro MicroSystems by 13.5% in the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after buying an additional 999,939 shares during the period. Principal Financial Group Inc. increased its position in shares of Allegro MicroSystems by 14.1% during the third 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. The Manufacturers Life Insurance Company raised its stake in shares of Allegro MicroSystems by 15.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock valued at $60,673,000 after acquiring an additional 285,747 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Allegro MicroSystems by 45.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock valued at $36,207,000 after purchasing an additional 397,681 shares during the period. Finally, 1832 Asset Management L.P. increased its holdings in Allegro MicroSystems by 4.5% during the 1st quarter. 1832 Asset Management L.P. now owns 992,700 shares of the company’s stock worth $26,763,000 after purchasing an additional 42,700 shares during the period. 56.45% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of the stock in a transaction on Monday, November 18th. The shares were bought at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the transaction, the senior vice president now owns 246,086 shares of the company’s stock, valued at $4,675,634. This trade represents a 6.49 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on ALGM. Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. Needham & Company LLC decreased their target price 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 lowered 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 note on Friday, November 1st. UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target on the stock. Finally, Morgan Stanley assumed coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective for the company. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Allegro MicroSystems has an average rating of “Moderate Buy” and a consensus price target of $30.09.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $21.31 on Friday. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The company has a market cap of $3.92 billion, a PE ratio of -152.20 and a beta of 1.69. The company’s 50 day moving average is $21.49 and its 200 day moving average is $25.11.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results 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. The company had revenue of $187.39 million for 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 firm’s revenue for the quarter was down 32.0% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS.

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.