State of Alaska Department of Revenue Has $378,000 Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

State of Alaska Department of Revenue decreased its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 75.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,062 shares of the company's stock after selling 45,949 shares during the period. State of Alaska Department of Revenue's holdings in Allegro MicroSystems were worth $378,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in ALGM. Schonfeld Strategic Advisors LLC acquired a new stake in Allegro MicroSystems during the fourth quarter worth approximately $35,433,000. Paloma Partners Management Co boosted its holdings in Allegro MicroSystems by 312.8% in the 4th quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock valued at $45,989,000 after purchasing an additional 1,594,170 shares during the period. Norges Bank bought a new position in shares of Allegro MicroSystems during the fourth quarter worth approximately $26,926,000. Meridiem Capital Partners LP acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $25,140,000. Finally, Wellington Management Group LLP raised its position in shares of Allegro MicroSystems by 30.5% in the fourth 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 in the last quarter. Institutional investors and hedge funds own 56.45% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Bank of America assumed coverage on shares of Allegro MicroSystems in a research report on Monday, June 16th. They issued a "buy" rating and a $38.00 target price on the stock. Morgan Stanley lifted their target price on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Monday, June 9th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $33.00 price target (up previously from $26.00) on shares of Allegro MicroSystems in a research report on Monday, June 16th. Needham & Company LLC dropped their target price on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Finally, Barclays lifted their price target on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.00.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $34.18 on Monday. The company has a 50-day moving average price of $25.68 and a two-hundred day moving average price of $24.51. The company has a quick ratio of 2.66, a current ratio of 4.30 and a debt-to-equity ratio of 0.37. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $34.30. The firm has a market capitalization of $6.32 billion, a PE ratio of -87.64 and a beta of 1.67.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.05 by $0.01. The company had revenue of $192.82 million during 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%. Allegro MicroSystems's revenue was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Equities analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current 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.

Want to see what other hedge funds are holding ALGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.