257,404 Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM) Purchased by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. acquired a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 257,404 shares of the company’s stock, valued at approximately $5,998,000.

Several other large investors also recently bought and sold shares of the business. Needham Investment Management LLC increased its holdings in Allegro MicroSystems by 42.2% in the 3rd quarter. Needham Investment Management LLC now owns 72,500 shares of the company’s stock worth $1,689,000 after buying an additional 21,500 shares in the last quarter. Janus Henderson Group PLC boosted its position in Allegro MicroSystems by 42.1% in the third quarter. Janus Henderson Group PLC now owns 51,229 shares of the company’s stock worth $1,193,000 after purchasing an additional 15,172 shares during the last quarter. Holocene Advisors LP boosted its position in Allegro MicroSystems by 152.3% in the third quarter. Holocene Advisors LP now owns 196,831 shares of the company’s stock worth $4,586,000 after purchasing an additional 118,816 shares during the last quarter. ArrowMark Colorado Holdings LLC boosted its position in Allegro MicroSystems by 28.6% in the third quarter. ArrowMark Colorado Holdings LLC now owns 248,561 shares of the company’s stock worth $5,791,000 after purchasing an additional 55,301 shares during the last quarter. Finally, Paloma Partners Management Co purchased a new position in Allegro MicroSystems in the third quarter worth about $11,874,000. 56.45% of the stock is currently owned by institutional investors.

Insider Activity

In other news, SVP Michael Doogue acquired 15,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were acquired 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 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 filing with the SEC, which is available through this link. Company insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

ALGM has been the topic of several research reports. Wells Fargo & Company initiated coverage on Allegro MicroSystems in a research report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 target price on the stock. Needham & Company LLC dropped their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price on the stock. Loop Capital began coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, Barclays lowered their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.09.

Allegro MicroSystems Trading Down 2.9 %

ALGM stock opened at $21.25 on Thursday. 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 business has a 50 day simple moving average of $21.34 and a two-hundred day simple moving average of $24.72. The company has a market capitalization of $3.91 billion, a price-to-earnings ratio of -151.77 and a beta of 1.67.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results 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 firm had revenue of $187.39 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 earnings per share.

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.