Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS cut its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 15.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,850 shares of the company’s stock after selling 5,413 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Allegro MicroSystems were worth $631,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems in the 4th quarter valued at $47,000. Intech Investment Management LLC acquired a new position in shares of Allegro MicroSystems in the third quarter worth about $214,000. Bailard Inc. purchased a new stake in shares of Allegro MicroSystems during the 4th quarter worth about $254,000. Keybank National Association OH grew its position in shares of Allegro MicroSystems by 14.9% during the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after acquiring an additional 1,522 shares during the period. Finally, Avior Wealth Management LLC increased its stake in shares of Allegro MicroSystems by 5.3% in the 4th 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. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGM has been the topic of several research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. Morgan Stanley lifted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Barclays upped their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Mizuho lifted their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an “outperform” rating in a research report on Monday. Finally, Wells Fargo & Company upped their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $31.20.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $26.85 on Thursday. The stock has a fifty day simple moving average of $25.22 and a 200-day simple moving average of $23.00. 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 stock has a market cap of $4.94 billion, a PE ratio of -76.71 and a beta of 1.67. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26.

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.