Charles Schwab Investment Management Inc. Has $31.84 Million Stock Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Charles Schwab Investment Management Inc. raised its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 101.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,366,308 shares of the company’s stock after purchasing an additional 688,539 shares during the period. Charles Schwab Investment Management Inc. owned 0.74% of Allegro MicroSystems worth $31,835,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Principal Financial Group Inc. boosted its position in shares of Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after acquiring an additional 308,943 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Allegro MicroSystems by 15.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock valued at $60,673,000 after acquiring an additional 285,747 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Allegro MicroSystems by 47.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,453,004 shares of the company’s stock valued at $33,855,000 after acquiring an additional 468,707 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Allegro MicroSystems by 45.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock valued at $36,207,000 after acquiring an additional 397,681 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Allegro MicroSystems by 18.7% in the second quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company’s stock valued at $22,735,000 after acquiring an additional 127,094 shares during the period. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $21.88 on Wednesday. The stock has a 50-day simple moving average of $21.37 and a 200 day simple moving average of $24.77. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of -156.27 and a beta of 1.67.

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, topping the consensus estimate of $0.06 by $0.02. The firm had revenue of $187.39 million during the quarter, compared to analysts’ expectations of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The company’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 EPS.

Analysts Set New Price Targets

A number of research firms have weighed in on ALGM. UBS Group began coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target on the stock. Morgan Stanley began coverage on shares of 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. Loop Capital began coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target on the stock. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Finally, Barclays decreased their price target on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research note on Friday, November 1st. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $30.09.

Insiders Place Their Bets

In other news, SVP Michael Doogue acquired 15,000 shares of the company’s stock in a transaction on Monday, November 18th. The stock was purchased at an average cost 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 document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.50% of the company’s stock.

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.