Victory Capital Management Inc. Has $733,000 Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Victory Capital Management Inc. raised its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 90.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 31,461 shares of the company’s stock after purchasing an additional 14,925 shares during the quarter. Victory Capital Management Inc.’s holdings in Allegro MicroSystems were worth $733,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. XTX Topco Ltd acquired a new position in shares of Allegro MicroSystems in the second quarter worth $856,000. Principal Financial Group Inc. raised its stake in shares of Allegro MicroSystems by 14.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock worth $58,244,000 after purchasing an additional 308,943 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Allegro MicroSystems by 13.5% during the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after buying an additional 999,939 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Allegro MicroSystems by 18.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company’s stock valued at $22,735,000 after buying an additional 127,094 shares in the last quarter. Finally, Ecofi Investissements SA acquired a new position in Allegro MicroSystems in the second quarter worth approximately $2,349,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Michael Doogue acquired 15,000 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were bought at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the acquisition, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.50% of the company’s stock.

Allegro MicroSystems Trading Down 0.4 %

Allegro MicroSystems stock opened at $21.48 on Friday. The business’s 50-day simple moving average is $21.42 and its 200-day simple moving average is $24.95. Allegro MicroSystems, Inc. has a 52 week low of $18.59 and a 52 week high of $33.26. The firm has a market capitalization of $3.95 billion, a PE ratio of -153.43 and a beta of 1.69. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22.

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

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Loop Capital started coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price for the company. Morgan Stanley initiated coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective for the company. Barclays cut their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Wells Fargo & Company started coverage on Allegro MicroSystems in a research note on Friday, November 22nd. They set an “overweight” rating and a $23.00 price target for the company. Finally, Needham & Company LLC cut their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research note 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’s stock. Based on data from MarketBeat, the company presently 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.