State of Tennessee Department of Treasury Increases Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

State of Tennessee Department of Treasury raised its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 94.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 93,365 shares of the company’s stock after buying an additional 45,365 shares during the period. State of Tennessee Department of Treasury’s holdings in Allegro MicroSystems were worth $2,041,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ALGM. JPMorgan Chase & Co. boosted its position in Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after buying an additional 1,884,578 shares during the period. Norges Bank purchased a new stake in Allegro MicroSystems during the 4th quarter valued at $26,926,000. Wellington Management Group LLP boosted its position in Allegro MicroSystems by 30.5% during the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock valued at $87,302,000 after buying an additional 934,048 shares during the period. Talos Asset Management LP purchased a new stake in shares of Allegro MicroSystems in the 4th quarter worth about $16,245,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Allegro MicroSystems during the 4th quarter valued at about $15,145,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $19.23 on Tuesday. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $3.54 billion, a P/E ratio of -54.94 and a beta of 1.53. The stock’s 50 day moving average is $23.49 and its 200 day moving average is $22.80. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $33.26.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ALGM. Morgan Stanley increased their price target 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. Wells Fargo & Company upped their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Mizuho upped their target price on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, March 24th. Barclays reduced their target price on Allegro MicroSystems from $30.00 to $22.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.78.

Allegro MicroSystems Profile

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.