Prosperity Financial Group Inc. Has $248,000 Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Prosperity Financial Group Inc. raised its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 7.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,657 shares of the company’s stock after buying an additional 784 shares during the period. Prosperity Financial Group Inc.’s holdings in Allegro MicroSystems were worth $248,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in ALGM. Versant Capital Management Inc grew its position in shares of Allegro MicroSystems by 1,957.1% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after purchasing an additional 1,096 shares during the last quarter. GAMMA Investing LLC grew its holdings in Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after buying an additional 603 shares in the last quarter. KBC Group NV grew its holdings in Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after buying an additional 1,042 shares in the last quarter. CWM LLC increased its position in Allegro MicroSystems by 27.7% during the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after buying an additional 921 shares during the period. Finally, Van ECK Associates Corp acquired a new stake in shares of Allegro MicroSystems during the third quarter worth $172,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ALGM has been the topic of a number of recent research reports. Needham & Company LLC lowered 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 report on Thursday, October 31st. Mizuho set a $26.00 price objective on Allegro MicroSystems in a research note on Friday, October 18th. Barclays cut their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. UBS Group began coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price target on the stock. Finally, Wells Fargo & Company started coverage on shares of Allegro MicroSystems in a research report on Friday. They set an “overweight” rating and a $23.00 price objective for the company. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.09.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $21.31 on Monday. The firm has a 50 day simple moving average of $21.49 and a 200 day simple moving average of $25.05. The company has a market cap of $3.92 billion, a price-to-earnings ratio of -152.21 and a beta of 1.69. Allegro MicroSystems, Inc. has a one year low of $18.59 and a one year high of $33.26. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80.

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

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was 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 of the company’s stock, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.50% of the company’s stock.

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.