KBC Group NV Purchases 1,042 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

KBC Group NV boosted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 40.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,590 shares of the company’s stock after purchasing an additional 1,042 shares during the quarter. KBC Group NV’s holdings in Allegro MicroSystems were worth $84,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Allegro MicroSystems by 13.5% during the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after acquiring an additional 999,939 shares in the last quarter. Principal Financial Group Inc. boosted its position 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 worth $58,244,000 after purchasing an additional 308,943 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Allegro MicroSystems by 15.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock worth $60,673,000 after buying an additional 285,747 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Allegro MicroSystems by 45.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,282,122 shares of the company’s stock valued at $36,207,000 after buying an additional 397,681 shares in the last quarter. Finally, 1832 Asset Management L.P. raised its stake in Allegro MicroSystems by 4.5% during the first quarter. 1832 Asset Management L.P. now owns 992,700 shares of the company’s stock valued at $26,763,000 after buying an additional 42,700 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Insider Transactions at Allegro MicroSystems

In related news, SVP Michael Doogue bought 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were bought 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 owns 246,086 shares in the company, valued at $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Allegro MicroSystems Price Performance

NASDAQ ALGM opened at $21.31 on Friday. 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 stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of -152.20 and a beta of 1.69. The business’s fifty day moving average price is $21.49 and its 200-day moving average price is $25.11.

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 the consensus estimate of $0.06 by $0.02. The firm had revenue of $187.39 million for 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%. The business’s quarterly revenue was down 32.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 EPS.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Barclays reduced their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Loop Capital initiated coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price on the stock. UBS Group assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target on the stock. Needham & Company LLC decreased their price objective on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Finally, Wells Fargo & Company started coverage on Allegro MicroSystems in a research note on Friday. They set an “overweight” rating and a $23.00 target price on the stock. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.09.

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.