Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System reduced its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 37.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,200 shares of the company’s stock after selling 6,109 shares during the period. New York State Teachers Retirement System’s holdings in Allegro MicroSystems were worth $309,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $908,000. Mendota Financial Group LLC purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $142,000. Pacer Advisors Inc. grew its stake in shares of Allegro MicroSystems by 57.7% during the 4th quarter. Pacer Advisors Inc. now owns 14,693 shares of the company’s stock valued at $445,000 after buying an additional 5,376 shares during the period. Handelsinvest Investeringsforvaltning purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $150,000. Finally, Vanguard Group Inc. grew its stake in shares of Allegro MicroSystems by 5.1% during the 3rd quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock valued at $235,140,000 after buying an additional 355,814 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $26.09 on Friday. Allegro MicroSystems, Inc. has a 12 month low of $24.66 and a 12 month high of $53.05. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. The firm has a market capitalization of $5.04 billion, a P/E ratio of 22.89 and a beta of 1.82. The company’s fifty day moving average price is $28.79 and its two-hundred day moving average price is $28.50.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, February 1st. The company reported $0.27 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $255.00 million. On average, research analysts anticipate that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ALGM. TD Cowen upped their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Evercore ISI began coverage on shares of Allegro MicroSystems in a research report on Tuesday. They set an “outperform” rating and a $36.00 price target for the company. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. Finally, Wolfe Research raised shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $44.50.

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.