Arizona State Retirement System Lowers Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Arizona State Retirement System reduced its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 1.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,512 shares of the company’s stock after selling 379 shares during the quarter. Arizona State Retirement System’s holdings in Allegro MicroSystems were worth $651,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of ALGM. Royal Bank of Canada boosted its holdings in Allegro MicroSystems by 4.4% in the 3rd quarter. Royal Bank of Canada now owns 8,947 shares of the company’s stock worth $195,000 after buying an additional 376 shares during the period. Avantax Advisory Services Inc. grew its position in shares of Allegro MicroSystems by 5.3% during the third quarter. Avantax Advisory Services Inc. now owns 7,620 shares of the company’s stock worth $243,000 after purchasing an additional 385 shares in the last quarter. Prosperity Financial Group Inc. grew its position in shares of Allegro MicroSystems by 5.2% during the third quarter. Prosperity Financial Group Inc. now owns 7,996 shares of the company’s stock worth $255,000 after purchasing an additional 395 shares in the last quarter. Segall Bryant & Hamill LLC raised its stake in Allegro MicroSystems by 0.5% during the 2nd quarter. Segall Bryant & Hamill LLC now owns 82,897 shares of the company’s stock valued at $3,742,000 after purchasing an additional 404 shares during the period. Finally, State of Alaska Department of Revenue lifted its holdings in Allegro MicroSystems by 0.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 110,565 shares of the company’s stock worth $3,531,000 after purchasing an additional 435 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on ALGM shares. TD Cowen lifted their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Wolfe Research upgraded shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a report on Friday, February 2nd. Evercore ISI started coverage on shares of Allegro MicroSystems in a report on Tuesday. They set an “outperform” rating and a $36.00 price objective for the company. Finally, Needham & Company LLC cut their price objective on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and a consensus target price of $44.50.

Allegro MicroSystems Price Performance

ALGM stock opened at $26.41 on Friday. Allegro MicroSystems, Inc. has a 52 week low of $24.66 and a 52 week high of $53.05. The firm has a market capitalization of $5.10 billion, a P/E ratio of 23.17 and a beta of 1.82. The company has a fifty day simple moving average of $28.90 and a two-hundred day simple moving average of $28.54. The company has a quick ratio of 3.19, a current ratio of 4.57 and a debt-to-equity ratio of 0.22.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, February 1st. The company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. The firm had revenue of $254.98 million during the quarter, compared to the consensus estimate of $255.00 million. Analysts anticipate that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current fiscal year.

About Allegro MicroSystems

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.