Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Purchased by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky boosted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 74.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,633 shares of the company's stock after acquiring an additional 16,900 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Allegro MicroSystems were worth $996,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Schonfeld Strategic Advisors LLC acquired a new position in Allegro MicroSystems in the 4th quarter valued at about $35,433,000. SG Americas Securities LLC acquired a new position in Allegro MicroSystems in the 1st quarter valued at about $805,000. Mirae Asset Global Investments Co. Ltd. increased its position in Allegro MicroSystems by 18.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,883 shares of the company's stock valued at $668,000 after acquiring an additional 4,185 shares during the period. Fifth Third Bancorp increased its position in Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock valued at $33,000 after acquiring an additional 504 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in Allegro MicroSystems in the 4th quarter valued at about $603,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Barclays boosted their target price on Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Needham & Company LLC dropped their target price on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Bank of America boosted their target price on Allegro MicroSystems from $38.00 to $45.00 and gave the stock an "action list buy" rating in a research report on Thursday, July 10th. Wells Fargo & Company reiterated an "overweight" rating and set a $42.00 target price (up previously from $33.00) on shares of Allegro MicroSystems in a research report on Wednesday, July 16th. Finally, Mizuho boosted their target price on Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Allegro MicroSystems currently has a consensus rating of "Buy" and an average target price of $33.63.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $33.70 on Friday. The business's 50 day simple moving average is $31.61 and its 200-day simple moving average is $26.32. The firm has a market capitalization of $6.23 billion, a price-to-earnings ratio of -86.41 and a beta of 1.75. The company has a debt-to-equity ratio of 0.37, a current ratio of 4.30 and a quick ratio of 2.66. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.05 by $0.01. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. The company's quarterly revenue was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 EPS. As a group, equities analysts forecast that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

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.

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