Treasurer of the State of North Carolina Raises Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Treasurer of the State of North Carolina grew its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) by 1.3% in the 4th quarter, Holdings Channel reports. The firm owned 28,767 shares of the company’s stock after purchasing an additional 360 shares during the period. Treasurer of the State of North Carolina’s holdings in Allegro MicroSystems were worth $864,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Citigroup Inc. raised its stake in Allegro MicroSystems by 4.8% in the fourth quarter. Citigroup Inc. now owns 29,765 shares of the company’s stock worth $894,000 after buying an additional 1,376 shares in the last quarter. Raymond James & Associates grew its position in shares of Allegro MicroSystems by 46.8% in the 4th quarter. Raymond James & Associates now owns 62,539 shares of the company’s stock worth $1,877,000 after buying an additional 19,930 shares during the period. UBS Group AG grew its position in shares of Allegro MicroSystems by 7,794.8% in the 4th quarter. UBS Group AG now owns 39,474 shares of the company’s stock worth $1,185,000 after buying an additional 38,974 shares during the period. Thrivent Financial for Lutherans purchased a new stake in shares of Allegro MicroSystems in the 4th quarter worth about $520,000. Finally, Swiss National Bank raised its stake in Allegro MicroSystems by 2.3% during the fourth quarter. Swiss National Bank now owns 161,700 shares of the company’s stock valued at $4,854,000 after buying an additional 3,600 shares during the last quarter. 46.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ALGM has been the subject of a number of recent research reports. Cowen lifted their price objective on Allegro MicroSystems to $44.00 in a research note on Thursday, February 2nd. Wells Fargo & Company lifted their price objective on Allegro MicroSystems from $43.00 to $52.00 in a research note on Thursday, March 9th. Cowen lifted their price objective on Allegro MicroSystems from $38.00 to $44.00 and gave the company an “outperform” rating in a research note on Wednesday, February 1st. TheStreet cut shares of Allegro MicroSystems from a “b-” rating to a “c+” rating in a report on Thursday. Finally, Barclays increased their price target on shares of Allegro MicroSystems from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, March 14th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $48.33.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $38.96 on Friday. Allegro MicroSystems, Inc. has a fifty-two week low of $19.20 and a fifty-two week high of $48.72. The business has a 50-day simple moving average of $42.35 and a two-hundred day simple moving average of $37.36. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.11 and a current ratio of 4.03. The firm has a market cap of $7.46 billion, a price-to-earnings ratio of 40.58 and a beta of 1.69.

Allegro MicroSystems Profile

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Allegro MicroSystems, Inc 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, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.