Two Sigma Advisers LP Purchases 112,400 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Two Sigma Advisers LP boosted its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 21.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 627,000 shares of the company’s stock after purchasing an additional 112,400 shares during the period. Two Sigma Advisers LP owned about 0.34% of Allegro MicroSystems worth $14,609,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of ALGM. Westfield Capital Management Co. LP lifted its position in shares of Allegro MicroSystems by 54.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock worth $46,937,000 after buying an additional 711,185 shares during the last quarter. XTX Topco Ltd bought a new position in shares of Allegro MicroSystems in the second quarter worth about $856,000. Principal Financial Group Inc. boosted 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 valued at $58,244,000 after purchasing an additional 308,943 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of Allegro MicroSystems by 111.6% during the 3rd quarter. MetLife Investment Management LLC now owns 79,763 shares of the company’s stock valued at $1,858,000 after purchasing an additional 42,068 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Allegro MicroSystems by 18.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company’s stock worth $22,735,000 after purchasing an additional 127,094 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Loop Capital began coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. Wells Fargo & Company assumed coverage on Allegro MicroSystems in a research report on Friday, November 22nd. They set an “overweight” rating and a $23.00 price objective on the stock. Mizuho set a $26.00 target price on Allegro MicroSystems in a research report on Friday, October 18th. Barclays reduced 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, Morgan Stanley started coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective for the company. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $30.09.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue bought 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was acquired 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 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 purchase was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.50% of the company’s stock.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $21.21 on Monday. The company has a market capitalization of $3.90 billion, a PE ratio of -151.49 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. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. The company has a 50 day simple moving average of $21.19 and a two-hundred day simple moving average of $24.58.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. The company 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%. Allegro MicroSystems’s revenue for the quarter was down 32.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 earnings per share.

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.