Wellington Management Group LLP Buys Shares of 3,059,634 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Wellington Management Group LLP purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 3,059,634 shares of the company’s stock, valued at approximately $71,289,000. Wellington Management Group LLP owned about 1.66% of Allegro MicroSystems at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. CWM LLC lifted its position in Allegro MicroSystems by 27.7% during the second quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after purchasing an additional 921 shares in the last quarter. SG Americas Securities LLC increased its holdings in Allegro MicroSystems by 148.3% in the 2nd quarter. SG Americas Securities LLC now owns 27,401 shares of the company’s stock worth $774,000 after acquiring an additional 16,367 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Allegro MicroSystems by 6.0% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 36,447 shares of the company’s stock worth $1,029,000 after acquiring an additional 2,053 shares in the last quarter. Raymond James & Associates raised its stake in Allegro MicroSystems by 5.5% during the 2nd quarter. Raymond James & Associates now owns 84,554 shares of the company’s stock worth $2,388,000 after acquiring an additional 4,380 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Allegro MicroSystems by 18.7% in the second 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 during the period. Institutional investors own 56.45% of the company’s stock.

Insider Activity

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

Analyst Ratings Changes

Several analysts have recently commented on ALGM shares. Barclays decreased their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. 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 price objective on the stock. UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 target price for the company. Loop Capital started coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target on the stock. Finally, Morgan Stanley began coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective for the company. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Allegro MicroSystems has an average rating of “Moderate Buy” and a consensus price target of $30.09.

Allegro MicroSystems Trading Down 1.5 %

Shares of ALGM opened at $21.04 on Wednesday. The stock has a market capitalization of $3.87 billion, a PE ratio of -152.57 and a beta of 1.67. The company’s fifty day moving average is $21.15 and its 200 day moving average is $24.48. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. Allegro MicroSystems, Inc. has a fifty-two week low of $18.59 and a fifty-two week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating 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 revenue was down 32.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.36 EPS.

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.