ArrowMark Colorado Holdings LLC Acquires 55,301 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

ArrowMark Colorado Holdings LLC raised its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 28.6% in the third quarter, HoldingsChannel reports. The firm owned 248,561 shares of the company’s stock after buying an additional 55,301 shares during the quarter. ArrowMark Colorado Holdings LLC’s holdings in Allegro MicroSystems were worth $5,791,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its holdings in shares of Allegro MicroSystems by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 36,818 shares of the company’s stock valued at $993,000 after acquiring an additional 2,353 shares in the last quarter. GAMMA Investing LLC raised its holdings in Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after purchasing an additional 603 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares during the period. CWM LLC boosted its stake 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 purchasing an additional 921 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Allegro MicroSystems by 148.3% during the second quarter. SG Americas Securities LLC now owns 27,401 shares of the company’s stock valued at $774,000 after buying an additional 16,367 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Insider Buying and Selling at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue bought 15,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was acquired at an average price of $19.00 per share, with a total value of $285,000.00. Following the transaction, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. This represents a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

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

Allegro MicroSystems Stock Performance

Shares of Allegro MicroSystems stock opened at $22.52 on Tuesday. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The firm’s 50-day moving average is $21.36 and its 200 day moving average is $24.83. The stock has a market cap of $4.14 billion, a price-to-earnings ratio of -160.86 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 earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $187.52 million. During the same quarter in the prior year, the firm posted $0.36 earnings per share. The business’s revenue was down 32.0% on a year-over-year basis.

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.