Massachusetts Financial Services Co. MA Boosts Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Massachusetts Financial Services Co. MA increased its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 47.6% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,453,004 shares of the company’s stock after buying an additional 468,707 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.79% of Allegro MicroSystems worth $33,855,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. GAMMA Investing LLC raised its holdings in shares of Allegro MicroSystems by 52.2% during the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after purchasing an additional 603 shares during the last quarter. CWM LLC lifted its holdings in shares of Allegro MicroSystems by 27.7% during the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after buying an additional 921 shares during the period. KBC Group NV boosted its stake in shares of Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after buying an additional 1,042 shares during the last quarter. Versant Capital Management Inc increased its position in Allegro MicroSystems by 1,957.1% during the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after acquiring an additional 1,096 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Allegro MicroSystems by 9.2% in the second quarter. ProShare Advisors LLC now owns 13,280 shares of the company’s stock valued at $375,000 after acquiring an additional 1,123 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analyst Upgrades and Downgrades

ALGM has been the subject of several research reports. Loop Capital assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target for the company. Needham & Company LLC dropped their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Morgan Stanley assumed coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective for the company. UBS Group started coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price on the stock. Finally, Barclays reduced their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $30.09.

Insider Activity

In other news, SVP Michael Doogue acquired 15,000 shares of the company’s stock in a transaction on Monday, November 18th. The stock was bought at an average cost of $19.00 per share, with a total value of $285,000.00. Following the completion of the purchase, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at $4,675,634. This represents a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.50% of the company’s stock.

Allegro MicroSystems Trading Up 2.7 %

Allegro MicroSystems stock opened at $21.31 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The firm’s 50 day moving average price is $21.49 and its 200-day moving average price is $25.05. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The stock has a market cap of $3.92 billion, a P/E ratio of -152.21 and a beta of 1.69.

Allegro MicroSystems (NASDAQ:ALGM) last posted its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The firm had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. Allegro MicroSystems’s revenue for the quarter was down 32.0% compared to the same quarter last year. During the same period last year, the firm posted $0.36 earnings per share.

Allegro MicroSystems Company 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.