Prosperity Financial Group Inc. Purchases 784 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Prosperity Financial Group Inc. increased its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 7.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,657 shares of the company’s stock after buying an additional 784 shares during the period. Prosperity Financial Group Inc.’s holdings in Allegro MicroSystems were worth $248,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ALGM. GAMMA Investing LLC lifted its stake 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. CWM LLC increased its holdings in Allegro MicroSystems by 27.7% in the second quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after purchasing an additional 921 shares in the last quarter. KBC Group NV lifted its stake in Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after buying an additional 1,042 shares during the period. Versant Capital Management Inc grew its position in shares of Allegro MicroSystems by 1,957.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after buying an additional 1,096 shares during the period. Finally, ProShare Advisors LLC increased its stake in shares of Allegro MicroSystems by 9.2% in the 2nd quarter. ProShare Advisors LLC now owns 13,280 shares of the company’s stock valued at $375,000 after acquiring an additional 1,123 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ALGM shares. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research note on Friday, October 18th. Wells Fargo & Company initiated coverage on Allegro MicroSystems in a research note on Friday. They issued an “overweight” rating and a $23.00 target price for the company. Loop Capital assumed coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target on the stock. UBS Group assumed coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Finally, Barclays lowered their target price 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 investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Allegro MicroSystems currently has an average rating of “Moderate Buy” and an average target price of $30.09.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $21.31 on Monday. 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 $3.92 billion, a PE ratio of -152.21 and a beta of 1.69. The stock’s fifty day simple moving average is $21.49 and its two-hundred day simple moving average is $25.05. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.06 by $0.02. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The firm had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. During the same quarter last year, the business posted $0.36 EPS. The company’s revenue for the quarter was down 32.0% on a year-over-year basis.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Michael Doogue purchased 15,000 shares of the business’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 of the company’s stock, valued at $4,675,634. This represents a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.50% of the company’s stock.

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.