Holocene Advisors LP Grows Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Holocene Advisors LP boosted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 152.3% in the third quarter, Holdings Channel.com reports. The firm owned 196,831 shares of the company’s stock after acquiring an additional 118,816 shares during the quarter. Holocene Advisors LP’s holdings in Allegro MicroSystems were worth $4,586,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the stock. FMR LLC grew its stake in Allegro MicroSystems by 43.3% during the third quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after buying an additional 8,534,089 shares during the period. Loomis Sayles & Co. L P purchased a new stake in Allegro MicroSystems during the third quarter worth approximately $18,269,000. Westfield Capital Management Co. LP grew its stake in Allegro MicroSystems by 54.6% during the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock worth $46,937,000 after buying an additional 711,185 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Allegro MicroSystems by 101.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,366,308 shares of the company’s stock worth $31,835,000 after buying an additional 688,539 shares during the period. Finally, Paloma Partners Management Co purchased a new stake in Allegro MicroSystems during the third quarter worth approximately $11,874,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ALGM shares. Wells Fargo & Company started coverage on shares of Allegro MicroSystems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $23.00 target price for the company. Needham & Company LLC decreased their target price on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. UBS Group started coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price for the company. Morgan Stanley started coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price for the company. Finally, Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research note on Friday, October 18th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.09.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Michael Doogue bought 15,000 shares of the company’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 approximately $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 Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is owned by corporate insiders.

Allegro MicroSystems Trading Down 2.9 %

ALGM opened at $21.25 on Thursday. The stock has a market capitalization of $3.91 billion, a PE ratio of -151.77 and a beta of 1.67. The firm’s fifty day moving average price is $21.34 and its 200 day moving average price is $24.72. 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, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The company had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The firm’s revenue was down 32.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 earnings per share.

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.