Fmr LLC Acquires 8,534,089 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Fmr LLC lifted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 43.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,253,811 shares of the company’s stock after acquiring an additional 8,534,089 shares during the period. Fmr LLC owned 15.36% of Allegro MicroSystems worth $658,314,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Allegro MicroSystems by 13.5% in the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after purchasing an additional 999,939 shares during the period. Loomis Sayles & Co. L P bought a new position in Allegro MicroSystems in the third quarter worth approximately $18,269,000. Westfield Capital Management Co. LP increased its holdings in Allegro MicroSystems by 54.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock worth $46,937,000 after purchasing an additional 711,185 shares during the period. Charles Schwab Investment Management Inc. raised its position in Allegro MicroSystems by 101.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,366,308 shares of the company’s stock valued at $31,835,000 after purchasing an additional 688,539 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in Allegro MicroSystems by 47.6% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,453,004 shares of the company’s stock valued at $33,855,000 after purchasing an additional 468,707 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Down 0.4 %

Allegro MicroSystems stock opened at $21.48 on Friday. The business has a fifty day moving average price of $21.42 and a 200-day moving average price of $24.95. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26. The stock has a market capitalization of $3.95 billion, a price-to-earnings ratio of -153.43 and a beta of 1.69. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80.

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

Insider Buying and Selling at Allegro MicroSystems

In other news, SVP Michael Doogue purchased 15,000 shares of the company’s stock in a transaction on Monday, November 18th. The shares were acquired at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the purchase, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on ALGM shares. 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 on the stock. Needham & Company LLC reduced their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. UBS Group began coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Finally, Barclays dropped their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $30.09.

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.