Barclays PLC Increases Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Barclays PLC grew its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 88.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 75,620 shares of the company’s stock after purchasing an additional 35,417 shares during the quarter. Barclays PLC’s holdings in Allegro MicroSystems were worth $1,761,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of ALGM. Raymond James & Associates grew its position in Allegro MicroSystems by 5.5% in the second quarter. Raymond James & Associates now owns 84,554 shares of the company’s stock valued at $2,388,000 after acquiring an additional 4,380 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Allegro MicroSystems by 18.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company’s stock worth $22,735,000 after buying an additional 127,094 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Allegro MicroSystems by 62.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,736 shares of the company’s stock valued at $557,000 after acquiring an additional 7,622 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Allegro MicroSystems by 0.5% in the second quarter. Principal Financial Group Inc. now owns 2,190,817 shares of the company’s stock valued at $61,869,000 after purchasing an additional 11,230 shares during the last quarter. Finally, Natixis Advisors LLC increased its holdings in Allegro MicroSystems by 46.7% during the 2nd quarter. Natixis Advisors LLC now owns 28,437 shares of the company’s stock worth $803,000 after purchasing an additional 9,059 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. UBS Group began coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Barclays decreased their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Wells Fargo & Company assumed 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 on the stock. Mizuho set a $26.00 price objective on Allegro MicroSystems in a report on Friday, October 18th. Finally, Loop Capital started coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Allegro MicroSystems currently has an average rating of “Moderate Buy” and an average target price of $30.09.

Insider Buying and Selling

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.50% of the company’s stock.

Allegro MicroSystems Stock Up 0.1 %

ALGM stock opened at $22.29 on Friday. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The firm’s 50-day simple moving average is $21.38 and its 200 day simple moving average is $23.77. The stock has a market cap of $4.10 billion, a PE ratio of -159.20 and a beta of 1.67. Allegro MicroSystems, Inc. has a fifty-two week low of $18.59 and a fifty-two week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) 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 business had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. During the same period 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.

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.