Louisiana State Employees Retirement System Sells 6,800 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Louisiana State Employees Retirement System cut its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 15.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 36,300 shares of the company’s stock after selling 6,800 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Allegro MicroSystems were worth $794,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ALGM. KBC Group NV raised its holdings in Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after acquiring an additional 1,042 shares during the period. Van ECK Associates Corp purchased a new position in shares of Allegro MicroSystems during the third quarter valued at about $172,000. Intech Investment Management LLC purchased a new position in shares of Allegro MicroSystems during the third quarter valued at about $214,000. Prosperity Financial Group Inc. grew its position in shares of Allegro MicroSystems by 7.9% during the third quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after purchasing an additional 784 shares in the last quarter. Finally, Avior Wealth Management LLC grew its position in shares of Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after purchasing an additional 737 shares in the last quarter. 56.45% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ALGM has been the subject of a number of research analyst reports. Loop Capital initiated 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. Morgan Stanley raised their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. Wells Fargo & Company raised 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. Barclays raised their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research report on Friday, January 31st. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.70.

Allegro MicroSystems Stock Up 4.0 %

Shares of NASDAQ:ALGM opened at $26.78 on Wednesday. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The business has a 50 day simple moving average of $23.42 and a two-hundred day simple moving average of $22.56. The firm has a market capitalization of $4.93 billion, a PE ratio of -76.51 and a beta of 1.66. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00.

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.