Louisiana State Employees Retirement System Buys Shares of 20,000 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Louisiana State Employees Retirement System bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 20,000 shares of the company’s stock, valued at approximately $605,000.

A number of other hedge funds also recently added to or reduced their stakes in ALGM. FMR LLC increased its holdings in shares of Allegro MicroSystems by 13.8% during the third quarter. FMR LLC now owns 9,234,454 shares of the company’s stock valued at $294,948,000 after purchasing an additional 1,121,651 shares during the period. Vanguard Group Inc. increased its holdings in shares of Allegro MicroSystems by 5.1% during the third quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock valued at $235,140,000 after purchasing an additional 355,814 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Allegro MicroSystems by 21.9% during the third quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock valued at $129,435,000 after purchasing an additional 727,535 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Allegro MicroSystems by 34.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 3,319,635 shares of the company’s stock valued at $106,029,000 after purchasing an additional 855,811 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Allegro MicroSystems by 12.2% during the third quarter. Invesco Ltd. now owns 3,205,810 shares of the company’s stock valued at $102,394,000 after purchasing an additional 347,971 shares during the period. 56.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ALGM shares. TD Cowen raised their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Evercore ISI began coverage on Allegro MicroSystems in a report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 target price on the stock. Wolfe Research raised Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a report on Friday, February 2nd. Finally, Needham & Company LLC lowered their target price on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.50.

Allegro MicroSystems Trading Up 3.3 %

NASDAQ:ALGM opened at $30.10 on Monday. 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, Inc. has a 1-year low of $24.66 and a 1-year high of $53.05. The firm has a market capitalization of $5.81 billion, a price-to-earnings ratio of 26.40 and a beta of 1.82. The stock has a fifty day simple moving average of $28.49 and a 200 day simple moving average of $28.38.

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