Conestoga Capital Advisors LLC Makes New Investment in Allegro MicroSystems, Inc. $ALGM

Conestoga Capital Advisors LLC acquired a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 719,595 shares of the company’s stock, valued at approximately $26,157,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Allegro MicroSystems in the 2nd quarter valued at $966,975,000. Bank of America Corp DE bought a new stake in shares of Allegro MicroSystems in the 2nd quarter worth about $64,171,000. Bank of New York Mellon Corp acquired a new stake in shares of Allegro MicroSystems during the 2nd quarter worth about $49,914,000. Braun Stacey Associates Inc. acquired a new stake in shares of Allegro MicroSystems during the 2nd quarter worth about $25,515,000. Finally, S Squared Technology LLC acquired a new stake in shares of Allegro MicroSystems during the 2nd quarter worth about $23,145,239. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Down 7.2%

NASDAQ:ALGM opened at $31.25 on Thursday. The stock’s fifty day moving average price is $34.83 and its two-hundred day moving average price is $40.67. Allegro MicroSystems, Inc. has a 52-week low of $22.41 and a 52-week high of $71.77. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.79 and a current ratio of 4.13. The company has a market cap of $5.83 billion, a price-to-earnings ratio of 208.35, a P/E/G ratio of 0.99 and a beta of 2.05.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Allegro MicroSystems had a return on equity of 10.34% and a net margin of 3.07%. The firm had revenue of $276.88 million for the quarter, compared to analyst estimates of $270.86 million. During the same period last year, the company earned $0.13 EPS. The business’s quarterly revenue was up 29.2% compared to the same quarter last year. On average, analysts anticipate that Allegro MicroSystems, Inc. will post 0.65 EPS for the current year.

Insider Buying and Selling

In related news, SVP Erin Hagen sold 2,285 shares of Allegro MicroSystems stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $44.39, for a total value of $101,431.15. Following the completion of the sale, the senior vice president directly owned 31,052 shares in the company, valued at $1,378,398.28. This trade represents a 6.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ALGM shares. Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. Weiss Ratings lowered shares of Allegro MicroSystems from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, October 23rd. Morgan Stanley raised their price objective on shares of Allegro MicroSystems from $51.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Needham & Company LLC cut their target price on shares of Allegro MicroSystems from $57.00 to $50.00 and set a “buy” rating for the company in a research note on Thursday, October 29th. Finally, Benchmark assumed coverage on Allegro MicroSystems in a report on Wednesday, August 12th. They issued a “buy” rating and a $60.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Allegro MicroSystems currently has an average rating of “Moderate Buy” and an average target price of $48.75.

About Allegro MicroSystems

Allegro MicroSystems, Inc is a semiconductor company that develops and manufactures magnetic sensing and power-management solutions. Its products are designed to help monitor motion, position, speed, current and temperature, as well as control power in electronic systems.

The company’s portfolio includes Hall-effect and other magnetic sensors, current sensors, motor drivers, regulators, LED drivers and related integrated circuits. These products are used in automotive applications such as advanced driver-assistance systems, vehicle electrification, powertrain systems, comfort features and safety systems, as well as in industrial and consumer equipment.

Founded in 1990 and headquartered in Manchester, New Hampshire, Allegro serves customers globally through its international operations and distribution network.