Barclays PLC Acquires 35,417 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Barclays PLC boosted its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 88.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. KBC Group NV boosted its holdings 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 buying an additional 1,042 shares during the period. Van ECK Associates Corp bought a new stake in shares of Allegro MicroSystems during the third quarter worth approximately $172,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Allegro MicroSystems in the second quarter valued at approximately $211,000. Intech Investment Management LLC acquired a new position in shares of Allegro MicroSystems in the third quarter valued at approximately $214,000. Finally, nVerses Capital LLC bought a new position in shares of Allegro MicroSystems during the third quarter worth approximately $231,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $22.96 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 capitalization of $4.22 billion, a price-to-earnings ratio of -163.99 and a beta of 1.65. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The firm’s 50 day simple moving average is $21.67 and its 200 day simple moving average is $23.38.

Allegro MicroSystems (NASDAQ:ALGM) last issued its 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 firm had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. During the same quarter last year, the business posted $0.36 EPS. The company’s revenue was down 32.0% compared to the same quarter last year.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Michael Doogue bought 15,000 shares of the firm’s stock in a transaction 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 purchase, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. This represents a 6.49 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Barclays reduced their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. 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 price target on the stock. Needham & Company LLC dropped their price objective 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. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. Finally, Loop Capital started coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target for the company. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.09.

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.