Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp lifted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 202.3% during the 4th quarter, Holdings Channel.com reports. The fund owned 22,298 shares of the company’s stock after buying an additional 14,922 shares during the period. Van ECK Associates Corp’s holdings in Allegro MicroSystems were worth $487,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Louisiana State Employees Retirement System grew its holdings in Allegro MicroSystems by 113.4% in the third quarter. Louisiana State Employees Retirement System now owns 43,100 shares of the company’s stock valued at $1,004,000 after purchasing an additional 22,900 shares during the last quarter. State of Alaska Department of Revenue grew its stake in Allegro MicroSystems by 9.4% in the 3rd quarter. State of Alaska Department of Revenue now owns 120,110 shares of the company’s stock valued at $2,797,000 after acquiring an additional 10,370 shares during the last quarter. New York State Teachers Retirement System increased its holdings in Allegro MicroSystems by 97.4% during the 3rd quarter. New York State Teachers Retirement System now owns 22,900 shares of the company’s stock valued at $534,000 after acquiring an additional 11,300 shares in the last quarter. Amalgamated Bank raised its position in Allegro MicroSystems by 99.1% during the third quarter. Amalgamated Bank now owns 72,399 shares of the company’s stock worth $1,687,000 after acquiring an additional 36,042 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in shares of Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after purchasing an additional 308,943 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Stock Down 3.6 %

Shares of NASDAQ:ALGM opened at $26.61 on Friday. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The firm has a market cap of $4.90 billion, a price-to-earnings ratio of -76.03 and a beta of 1.66. The stock’s 50-day moving average price is $23.74 and its two-hundred day moving average price is $22.67. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ALGM. Morgan Stanley raised their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. Barclays boosted 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. Wells Fargo & Company upped their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Loop Capital began coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research note on Friday, January 31st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Allegro MicroSystems has an average rating of “Moderate Buy” and an average price target of $30.70.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.