Paloma Partners Management Co Buys Shares of 509,630 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Paloma Partners Management Co purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the third quarter, HoldingsChannel reports. The fund purchased 509,630 shares of the company’s stock, valued at approximately $11,874,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc lifted its position in shares of Allegro MicroSystems by 1,957.1% during the second 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 in the last quarter. GAMMA Investing LLC lifted its holdings in Allegro MicroSystems by 52.2% in the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after purchasing an additional 603 shares during the period. KBC Group NV lifted its holdings in Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares during the period. CWM LLC lifted its holdings in 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 purchasing an additional 921 shares during the period. Finally, Van ECK Associates Corp acquired a new stake in Allegro MicroSystems in the third quarter worth about $172,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ALGM has been the subject of a number of research analyst reports. Needham & Company LLC cut 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 target price on Allegro MicroSystems in a report on Friday, October 18th. Loop Capital began coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective on the stock. Wells Fargo & Company began coverage on Allegro MicroSystems in a research report on Friday, November 22nd. They set an “overweight” rating and a $23.00 target price for the company. Finally, UBS Group began coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.09.

Allegro MicroSystems Stock Up 1.2 %

ALGM stock opened at $21.73 on Monday. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $4.00 billion, a PE ratio of -155.21 and a beta of 1.69. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26. The business’s 50 day simple moving average is $21.36 and its 200 day simple moving average is $24.83.

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

Insider Activity

In other news, SVP Michael Doogue bought 15,000 shares of the 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 acquisition, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

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.