Paloma Partners Management Co Takes $11.87 Million Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Paloma Partners Management Co purchased a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 509,630 shares of the company’s stock, valued at approximately $11,874,000. Paloma Partners Management Co owned approximately 0.28% of Allegro MicroSystems as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in ALGM. Westfield Capital Management Co. LP lifted its stake in shares of Allegro MicroSystems by 54.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock valued at $46,937,000 after acquiring an additional 711,185 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Allegro MicroSystems in the 2nd quarter worth approximately $856,000. Principal Financial Group Inc. grew its stake in shares of Allegro MicroSystems by 14.1% in the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock worth $58,244,000 after buying an additional 308,943 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of 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 during the last quarter. Finally, Ecofi Investissements SA purchased a new stake in shares of Allegro MicroSystems in the 2nd quarter worth approximately $2,349,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Allegro MicroSystems

In related 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 cost of $19.00 per share, with a total value of $285,000.00. Following the transaction, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. This represents a 6.49 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on the company. 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 target price on the stock. Wells Fargo & Company began coverage on Allegro MicroSystems in a report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 target price on the stock. Mizuho set a $26.00 price target on Allegro MicroSystems in a report on Friday, October 18th. Barclays decreased their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Finally, Loop Capital began coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $30.09.

Allegro MicroSystems Stock Up 1.2 %

Shares of NASDAQ ALGM opened at $21.73 on Monday. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. The stock has a market cap of $4.00 billion, a PE ratio of -155.21 and a beta of 1.69. 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 company has a 50-day moving average of $21.36 and a 200 day moving average of $24.83.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.02. The business had revenue of $187.39 million during the quarter, compared to analysts’ expectations of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The business’s revenue for the quarter was down 32.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.36 EPS.

Allegro MicroSystems Company 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.