Toronto Dominion Bank Buys 5,232 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Toronto Dominion Bank boosted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 49.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,832 shares of the company’s stock after purchasing an additional 5,232 shares during the period. Toronto Dominion Bank’s holdings in Allegro MicroSystems were worth $369,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. FMR LLC raised its holdings in Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after buying an additional 8,534,089 shares during the last quarter. State Street Corp increased its position in Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after acquiring an additional 1,615,351 shares during the period. Wellington Management Group LLP bought a new position in shares of Allegro MicroSystems during the third quarter valued at $71,289,000. Geode Capital Management LLC lifted its holdings in shares of Allegro MicroSystems by 86.5% during the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after purchasing an additional 1,187,792 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of Allegro MicroSystems by 14.1% in the third 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 during the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $22.38 on Tuesday. The company has a market cap of $4.12 billion, a P/E ratio of -159.86 and a beta of 1.67. The company has a fifty day simple moving average of $21.18 and a 200 day simple moving average of $24.18. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $187.52 million. During the same period last year, the company earned $0.36 earnings per share. The business’s revenue was down 32.0% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Loop Capital began coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target for the company. Morgan Stanley initiated coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price for the company. Wells Fargo & Company initiated coverage on shares of Allegro MicroSystems in a report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 target price on the stock. UBS Group assumed coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Finally, Mizuho set a $26.00 target price on Allegro MicroSystems in a research report on Friday, October 18th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Allegro MicroSystems has an average rating of “Moderate Buy” and an average target price of $30.09.

Insiders Place Their Bets

In related news, SVP Michael Doogue bought 15,000 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the transaction, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. This represents a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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.