Commonwealth of Pennsylvania Public School Empls Retrmt SYS Cuts Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 15.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 28,850 shares of the company’s stock after selling 5,413 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Allegro MicroSystems were worth $631,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. FMR LLC lifted its stake in Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after acquiring an additional 8,534,089 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Allegro MicroSystems during the third quarter worth about $71,289,000. JPMorgan Chase & Co. boosted its stake in shares of Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the period. State Street Corp grew its holdings in shares of Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after purchasing an additional 1,615,351 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after buying an additional 1,187,792 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ALGM has been the subject of several recent research reports. Mizuho raised their price target on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday. Wells Fargo & Company lifted their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Barclays upped their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Morgan Stanley lifted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.20.

Allegro MicroSystems Price Performance

ALGM stock opened at $26.85 on Thursday. The business has a 50 day moving average price of $25.22 and a 200 day moving average price of $23.00. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The stock has a market cap of $4.94 billion, a price-to-earnings ratio of -76.71 and a beta of 1.67. Allegro MicroSystems, Inc. has a fifty-two week low of $18.59 and a fifty-two week high of $33.26.

Allegro MicroSystems Company 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.