Wellington Management Group LLP Invests $71.29 Million in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Wellington Management Group LLP acquired a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the third quarter, HoldingsChannel reports. The firm acquired 3,059,634 shares of the company’s stock, valued at approximately $71,289,000.

Other hedge funds also recently bought and sold shares of the company. KBC Group NV grew its holdings in shares of Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares during the last quarter. CWM LLC grew its stake in Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after acquiring an additional 921 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Allegro MicroSystems during the third quarter worth approximately $172,000. Oppenheimer Asset Management Inc. bought a new stake in shares of Allegro MicroSystems during the second quarter valued at approximately $211,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Allegro MicroSystems in the third quarter valued at approximately $214,000. Institutional investors own 56.45% of the company’s stock.

Insider Transactions at Allegro MicroSystems

In other news, SVP Michael Doogue bought 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The stock was bought at an average price of $19.00 per share, for a total transaction 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. The trade was a 6.49 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Loop Capital started coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price for the company. Wells Fargo & Company initiated coverage on shares of Allegro MicroSystems in a research note on Friday, November 22nd. They issued an “overweight” rating and a $23.00 price objective for the company. Barclays reduced their price target 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. Needham & Company LLC reduced 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. Finally, UBS Group assumed coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price on the stock. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average target price of $30.09.

Allegro MicroSystems Stock Down 1.5 %

Shares of ALGM stock opened at $21.04 on Wednesday. The stock’s fifty day moving average price is $21.15 and its 200 day moving average price is $24.48. 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, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26. The company has a market cap of $3.87 billion, a price-to-earnings ratio of -152.57 and a beta of 1.67.

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

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.