State of Alaska Department of Revenue Cuts Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

State of Alaska Department of Revenue reduced its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGMFree Report) by 0.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 109,740 shares of the company’s stock after selling 825 shares during the period. State of Alaska Department of Revenue owned 0.06% of Allegro MicroSystems worth $3,320,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Royal Bank of Canada lifted its holdings in Allegro MicroSystems by 4.4% in the third quarter. Royal Bank of Canada now owns 8,947 shares of the company’s stock valued at $195,000 after acquiring an additional 376 shares during the last quarter. Avantax Advisory Services Inc. lifted its stake in 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. lifted its stake in 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 lifted its stake in Allegro MicroSystems by 0.5% during the second quarter. Segall Bryant & Hamill LLC now owns 82,897 shares of the company’s stock worth $3,742,000 after purchasing an additional 404 shares in the last quarter. Finally, Juncture Wealth Strategies LLC lifted its stake in Allegro MicroSystems by 2.3% during the third quarter. Juncture Wealth Strategies LLC now owns 20,009 shares of the company’s stock worth $639,000 after purchasing an additional 450 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ALGM has been the topic of a number of research reports. Needham & Company LLC decreased their price target on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, February 2nd. TD Cowen upped their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. Finally, Wolfe Research upgraded Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target on the stock in a research note on Friday, February 2nd. One analyst has rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Allegro MicroSystems has an average rating of “Moderate Buy” and an average target price of $45.71.

Read Our Latest Analysis on ALGM

Allegro MicroSystems Stock Up 0.2 %

Allegro MicroSystems stock opened at $25.74 on Thursday. Allegro MicroSystems, Inc. has a twelve month low of $24.66 and a twelve month high of $53.05. The stock’s fifty day simple moving average is $29.21 and its 200-day simple moving average is $28.92. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $4.97 billion, a P/E ratio of 22.58 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGMGet Free Report) last posted its quarterly earnings data on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $255.00 million. As a group, equities analysts expect that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current fiscal year.

Allegro MicroSystems Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Allegro MicroSystems (NASDAQ:ALGM)

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