Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Atom Investors LP

Atom Investors LP lowered its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 61.7% during the third quarter, Holdings Channel reports. The firm owned 47,115 shares of the company’s stock after selling 75,871 shares during the period. Atom Investors LP’s holdings in Allegro MicroSystems were worth $1,098,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. FMR LLC increased its holdings in shares of Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after acquiring an additional 8,534,089 shares during the period. Principal Financial Group Inc. increased its stake in Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after purchasing an additional 308,943 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Allegro MicroSystems by 15.3% in 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 buying an additional 285,747 shares during the last quarter. Westfield Capital Management Co. LP boosted its stake in shares of Allegro MicroSystems by 54.6% during the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock worth $46,937,000 after buying an additional 711,185 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in shares of Allegro MicroSystems by 47.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,453,004 shares of the company’s stock worth $33,855,000 after buying an additional 468,707 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Insider Transactions at Allegro MicroSystems

In related news, SVP Michael Doogue acquired 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were acquired at an average price 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 in the company, valued at approximately $4,675,634. The trade was 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 through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on ALGM. Morgan Stanley assumed coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target for the company. Barclays reduced 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. Loop Capital assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target on the stock. Wells Fargo & Company started coverage on shares of Allegro MicroSystems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 price objective for the company. Finally, Needham & Company LLC dropped their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.09.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $21.88 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. The stock has a market cap of $4.03 billion, a PE ratio of -156.27 and a beta of 1.67. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The stock has a fifty day moving average price of $21.37 and a 200 day moving average price of $24.77.

Allegro MicroSystems (NASDAQ:ALGM) last issued 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 negative net margin of 2.96% and a positive return on equity of 8.48%. The firm had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. During the same period in the prior year, the company earned $0.36 EPS. The firm’s revenue was down 32.0% on a year-over-year basis.

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.