New York State Common Retirement Fund Sells 209,384 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

New York State Common Retirement Fund reduced its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 34.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 392,295 shares of the company’s stock after selling 209,384 shares during the quarter. New York State Common Retirement Fund owned 0.21% of Allegro MicroSystems worth $8,576,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Venturi Wealth Management LLC bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth $47,000. New Mexico Educational Retirement Board increased its holdings in Allegro MicroSystems by 139.7% during the 4th quarter. New Mexico Educational Retirement Board now owns 31,881 shares of the company’s stock worth $697,000 after purchasing an additional 18,581 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Allegro MicroSystems by 202.3% in the 4th quarter. Van ECK Associates Corp now owns 22,298 shares of the company’s stock valued at $487,000 after purchasing an additional 14,922 shares during the period. Lightrock Netherlands B.V. bought a new stake in shares of Allegro MicroSystems in the fourth quarter valued at about $4,469,000. Finally, Pacer Advisors Inc. lifted its holdings in shares of Allegro MicroSystems by 14.5% in the fourth quarter. Pacer Advisors Inc. now owns 59,366 shares of the company’s stock valued at $1,298,000 after purchasing an additional 7,514 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Analysts Set New Price Targets

ALGM has been the subject of a number of analyst reports. Barclays raised their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Loop Capital initiated coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective for the company. Morgan Stanley lifted their target price 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. Needham & Company LLC reissued a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday. Finally, Wells Fargo & Company boosted their price target on 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $30.70.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $23.49 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. Allegro MicroSystems, Inc. has a fifty-two week low of $18.59 and a fifty-two week high of $33.26. The company has a 50 day simple moving average of $23.82 and a two-hundred day simple moving average of $22.71. The company has a market capitalization of $4.33 billion, a PE ratio of -67.11 and a beta of 1.66.

Allegro MicroSystems Company 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.