Charles Schwab Investment Management Inc. Buys 688,539 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Charles Schwab Investment Management Inc. lifted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 101.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,366,308 shares of the company’s stock after purchasing an additional 688,539 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Allegro MicroSystems were worth $31,835,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ALGM. GAMMA Investing LLC grew its position in shares of Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after purchasing an additional 603 shares during the period. KBC Group NV grew its position in shares of Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after purchasing an additional 1,042 shares during the period. CWM LLC grew its position in shares of Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after purchasing an additional 921 shares during the period. Van ECK Associates Corp acquired a new position in Allegro MicroSystems during the 3rd quarter worth approximately $172,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in Allegro MicroSystems during the 2nd quarter worth approximately $211,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Morgan Stanley assumed coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target for the company. Needham & Company LLC reduced their price target on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Wells Fargo & Company began coverage on Allegro MicroSystems in a research report on Friday, November 22nd. They set an “overweight” rating and a $23.00 price target for the company. Mizuho set a $26.00 price objective on Allegro MicroSystems in a research note on Friday, October 18th. Finally, UBS Group began coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $30.09.

Insiders Place Their Bets

In other news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction on Monday, November 18th. The shares were purchased at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the transaction, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. This represents a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.50% of the company’s stock.

Allegro MicroSystems Stock Down 2.8 %

ALGM opened at $21.88 on Wednesday. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26. The stock’s fifty day simple moving average is $21.37 and its 200 day simple moving average is $24.77. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The stock has a market cap of $4.03 billion, a PE ratio of -156.27 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 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 positive return on equity of 8.48% and a negative net margin of 2.96%. The company’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.36 EPS.

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.