Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 0.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,152,922 shares of the company’s stock after purchasing an additional 4,444 shares during the period. The Manufacturers Life Insurance Company owned approximately 1.17% of Allegro MicroSystems worth $50,163,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in Allegro MicroSystems by 52.2% during the 2nd 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. Prosperity Financial Group Inc. increased its position in Allegro MicroSystems by 7.9% during the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock worth $248,000 after purchasing an additional 784 shares during the period. CWM LLC increased its position in Allegro MicroSystems by 27.7% during the 2nd 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. KBC Group NV boosted its stake in shares of Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after acquiring an additional 1,042 shares in the last quarter. Finally, Versant Capital Management Inc boosted its stake in shares of Allegro MicroSystems by 1,957.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after acquiring an additional 1,096 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction on Monday, November 18th. The shares were bought at an average price of $19.00 per share, with a total value of $285,000.00. Following the purchase, the senior vice president now directly owns 246,086 shares in the company, 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 at the SEC website. Corporate insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ALGM. UBS Group began coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target on the stock. Needham & Company LLC decreased their price target 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. Barclays decreased their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. Morgan Stanley began coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target on the stock. Finally, Loop Capital began coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.09.

Allegro MicroSystems Price Performance

ALGM stock opened at $21.48 on Friday. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The firm has a market cap of $3.95 billion, a P/E ratio of -153.43 and a beta of 1.69. The stock’s 50 day moving average price is $21.42 and its 200 day moving average price is $24.95. 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 earnings per share for the quarter, topping 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 company had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. During the same quarter in the prior year, the company posted $0.36 EPS. The business’s revenue for the quarter was down 32.0% compared to the same quarter last year.

About Allegro MicroSystems

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.