Teacher Retirement System of Texas Acquires New Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Teacher Retirement System of Texas bought a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 18,828 shares of the company's stock, valued at approximately $473,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its position in shares of Allegro MicroSystems by 25.7% during the fourth quarter. Victory Capital Management Inc. now owns 39,536 shares of the company's stock worth $864,000 after acquiring an additional 8,075 shares during the period. Raymond James Financial Inc. acquired a new position in Allegro MicroSystems during the 4th quarter worth $15,145,000. Swiss National Bank increased its holdings in Allegro MicroSystems by 7.7% during the 4th quarter. Swiss National Bank now owns 253,200 shares of the company's stock worth $5,535,000 after purchasing an additional 18,200 shares during the period. Talos Asset Management LP acquired a new stake in Allegro MicroSystems in the 4th quarter valued at about $16,245,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Allegro MicroSystems in the 4th quarter valued at about $603,000. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $35.47 on Thursday. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $38.45. The firm has a market capitalization of $6.56 billion, a P/E ratio of -90.95 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. The company's fifty day moving average price is $30.22 and its 200 day moving average price is $25.73.

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

Wall Street Analysts Forecast Growth

ALGM has been the topic of several analyst reports. Barclays raised their target price on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Bank of America lifted their price objective on shares of 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. Mizuho boosted their target price on shares of Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Needham & Company LLC cut their price target on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. Finally, UBS Group lifted their price target on Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 7th. 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. According to MarketBeat, Allegro MicroSystems has a consensus rating of "Buy" and an average price target of $33.63.

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.

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