Oak Thistle LLC Invests $649,000 in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Oak Thistle LLC bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 29,688 shares of the company’s stock, valued at approximately $649,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. 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 in the last quarter. JPMorgan Chase & Co. lifted its holdings in Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after acquiring an additional 1,884,578 shares during the period. Geode Capital Management LLC boosted its position in Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after purchasing an additional 1,187,792 shares during the last quarter. Wellington Management Group LLP bought a new position in Allegro MicroSystems in the 3rd quarter valued at $71,289,000. Finally, XTX Topco Ltd purchased a new stake in shares of Allegro MicroSystems during the 2nd quarter valued at $856,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

Allegro MicroSystems stock opened at $23.40 on Thursday. The firm has a market capitalization of $4.31 billion, a P/E ratio of -167.13 and a beta of 1.65. 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. The business has a fifty day moving average price of $21.77 and a 200-day moving average price of $23.27.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping the consensus estimate 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 business had revenue of $187.39 million during the quarter, compared to the consensus estimate of $187.52 million. During the same quarter last year, the company earned $0.36 EPS. The firm’s revenue was down 32.0% compared to the same quarter last year.

Insider Activity at Allegro MicroSystems

In other news, SVP Michael Doogue purchased 15,000 shares of the business’s stock in a transaction on Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, with a total value of $285,000.00. Following the acquisition, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Needham & Company LLC reduced their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price for the company. Wells Fargo & Company lifted their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday. Barclays reduced their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Finally, Mizuho set a $26.00 target price on Allegro MicroSystems in a research note on Friday, October 18th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Allegro MicroSystems has a consensus rating of “Moderate Buy” and an average target price of $30.45.

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.