Rep. Josh Gottheimer Purchases Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Representative Josh Gottheimer (D-New Jersey) recently bought shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM). In a filing disclosed on November 06th, the Representative disclosed that they had bought between $1,001 and $15,000 in Allegro MicroSystems stock on October 17th. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.

Representative Josh Gottheimer also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Texas Capital Bancshares (NASDAQ:TCBI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ITT (NYSE:ITT) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of Stifel Financial (NYSE:SF) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ICU Medical (NASDAQ:ICUI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of AppFolio (NASDAQ:APPF) on 10/31/2024.
• Purchased $1,001 – $15,000 in shares of Gates Industrial (NYSE:GTES) on 10/31/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/29/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Disco (OTCMKTS:DSCSY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Enerpac Tool Group (NYSE:EPAC) on 10/25/2024.

Allegro MicroSystems Price Performance

NASDAQ ALGM opened at $22.16 on Friday. The company has a market cap of $4.08 billion, a price-to-earnings ratio of -158.27 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. The stock’s fifty day moving average price is $21.99 and its 200 day moving average price is $25.78. Allegro MicroSystems, Inc. has a 1 year low of $19.71 and a 1 year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data 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 positive return on equity of 8.48% and a negative net margin of 2.96%. The business had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. During the same period in the prior year, the company earned $0.36 earnings per share. The company’s revenue was down 32.0% on a year-over-year basis. As a group, equities research analysts forecast that Allegro MicroSystems, Inc. will post 0.16 earnings per share for the current year.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds have recently bought and sold shares of the business. Thrivent Financial for Lutherans raised its stake in shares of Allegro MicroSystems by 111.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 36,516 shares of the company’s stock worth $851,000 after buying an additional 19,251 shares during the period. Mutual of America Capital Management LLC increased its holdings in Allegro MicroSystems by 105.3% in the 3rd quarter. Mutual of America Capital Management LLC now owns 84,003 shares of the company’s stock worth $1,957,000 after acquiring an additional 43,090 shares in the last quarter. Natixis Advisors LLC raised its position in Allegro MicroSystems by 5.7% during the third quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock worth $700,000 after acquiring an additional 1,625 shares during the period. KBC Group NV lifted its holdings in Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after purchasing an additional 1,042 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Allegro MicroSystems by 90.3% in the third quarter. Victory Capital Management Inc. now owns 31,461 shares of the company’s stock valued at $733,000 after purchasing an additional 14,925 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

ALGM has been the subject of several research reports. Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research note on Thursday. They set an “equal weight” rating and a $21.00 price objective for the company. UBS Group initiated coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Barclays cut their price target 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. Needham & Company LLC decreased their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday, October 18th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.89.

About Representative Gottheimer

Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2025. Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2024 election. Gottheimer was first elected to the House in 2016. Prior to his election, Gottheimer worked for Microsoft, the Federal Communications Commission, and for the administration of President Bill Clinton (D). Click here for more information about Gottheimer’s career. Gottheimer serves on the House Financial Services Committee, where is a member of three subcommittees. For more on Gottheimer’s committee assignments, click here. Gottheimer became a co-chair of the Problem Solvers Caucus in February 2017. Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

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.