Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Bought by Verition Fund Management LLC

Verition Fund Management LLC grew its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 34.6% in the 3rd quarter, Holdings Channel reports. The fund owned 55,532 shares of the company’s stock after acquiring an additional 14,284 shares during the period. Verition Fund Management LLC’s holdings in Allegro MicroSystems were worth $1,294,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of ALGM. Price T Rowe Associates Inc. MD grew its stake in Allegro MicroSystems by 6.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 36,818 shares of the company’s stock worth $993,000 after purchasing an additional 2,353 shares in the last quarter. GAMMA Investing LLC grew its stake 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 in the last quarter. CWM LLC grew its stake 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 in the last quarter. SG Americas Securities LLC grew its stake in Allegro MicroSystems by 148.3% in the second quarter. SG Americas Securities LLC now owns 27,401 shares of the company’s stock worth $774,000 after purchasing an additional 16,367 shares in the last quarter. Finally, Robbins Farley grew its stake in Allegro MicroSystems by 4.3% in the second quarter. Robbins Farley now owns 108,851 shares of the company’s stock worth $3,074,000 after purchasing an additional 4,467 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Michael Doogue bought 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were purchased at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ALGM shares. Mizuho set a $26.00 price target on Allegro MicroSystems in a research note on Friday, October 18th. Needham & Company LLC cut their target price on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Barclays cut their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Wells Fargo & Company began coverage on shares of Allegro MicroSystems in a report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 target price on the stock. Finally, Morgan Stanley began coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price on the stock. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and an average target price of $30.09.

Allegro MicroSystems Stock Performance

ALGM opened at $21.21 on Friday. The business’s 50 day moving average is $21.19 and its 200-day moving average is $24.61. The stock has a market cap of $3.90 billion, a PE ratio of -151.49 and a beta of 1.67. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results 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 company had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. During the same quarter in the previous year, the company posted $0.36 earnings per share. 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.