Atom Investors LP Sells 75,871 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Atom Investors LP lessened its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 61.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,115 shares of the company’s stock after selling 75,871 shares during the period. Atom Investors LP’s holdings in Allegro MicroSystems were worth $1,098,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in shares of Allegro MicroSystems by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,818 shares of the company’s stock worth $993,000 after acquiring an additional 2,353 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Allegro MicroSystems by 52.2% during the second 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. CWM LLC lifted its stake in shares of Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after acquiring an additional 921 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Allegro MicroSystems by 148.3% during the 2nd quarter. SG Americas Securities LLC now owns 27,401 shares of the company’s stock valued at $774,000 after acquiring an additional 16,367 shares in the last quarter. Finally, Robbins Farley grew its position in Allegro MicroSystems by 4.3% during the 2nd quarter. Robbins Farley now owns 108,851 shares of the company’s stock worth $3,074,000 after acquiring an additional 4,467 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The stock was bought 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 owns 246,086 shares of the company’s stock, valued at $4,675,634. This trade represents a 6.49 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

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

Allegro MicroSystems Trading Down 2.8 %

Shares of ALGM stock opened at $21.88 on Wednesday. The company has a market cap of $4.03 billion, a PE ratio of -156.27 and a beta of 1.67. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The stock’s 50 day simple moving average is $21.37 and its two-hundred day simple moving average is $24.77. 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 released its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share 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 business had revenue of $187.39 million during the quarter, compared to the consensus estimate of $187.52 million. During the same period last year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was down 32.0% compared to the same quarter last year.

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.