Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Bought by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP increased its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 54.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,014,481 shares of the company’s stock after acquiring an additional 711,185 shares during the quarter. Westfield Capital Management Co. LP owned approximately 1.09% of Allegro MicroSystems worth $46,937,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Versant Capital Management Inc boosted its position in shares of Allegro MicroSystems by 1,957.1% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after buying an additional 1,096 shares during the period. GAMMA Investing LLC lifted its position 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 buying an additional 603 shares in the last quarter. KBC Group NV grew its holdings in shares of Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after acquiring an additional 1,042 shares in the last quarter. CWM LLC increased its stake in shares of Allegro MicroSystems by 27.7% in the second quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after acquiring an additional 921 shares during the last quarter. Finally, Van ECK Associates Corp purchased a new stake in shares of Allegro MicroSystems during the third quarter worth $172,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Up 2.7 %

Shares of ALGM stock opened at $21.31 on Monday. Allegro MicroSystems, Inc. has a 12 month low of $18.59 and a 12 month high of $33.26. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The firm has a market cap of $3.92 billion, a PE ratio of -152.21 and a beta of 1.69. The stock has a 50 day moving average of $21.49 and a 200-day moving average of $25.05.

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, 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 during the quarter, compared to the consensus estimate of $187.52 million. During the same period in the prior year, the firm earned $0.36 EPS. The business’s revenue was down 32.0% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on ALGM. Mizuho set a $26.00 price target on Allegro MicroSystems in a research note on Friday, October 18th. Wells Fargo & Company initiated coverage on shares of Allegro MicroSystems in a research note on Friday. They set an “overweight” rating and a $23.00 price target on the stock. Barclays reduced their price objective 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. Morgan Stanley initiated coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price on the stock. Finally, Loop Capital started coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.09.

Insider Activity at Allegro MicroSystems

In related news, SVP Michael Doogue acquired 15,000 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were bought at an average cost of $19.00 per share, with a total value of $285,000.00. Following the completion of the acquisition, 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.50% of the stock is owned by corporate insiders.

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.