South Dakota Investment Council Takes $1.06 Million Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

South Dakota Investment Council bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 35,000 shares of the company's stock, valued at approximately $1,059,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC bought a new position in Allegro MicroSystems during the 4th quarter valued at $28,000. Tucker Asset Management LLC boosted its stake in Allegro MicroSystems by 46.2% during the 3rd quarter. Tucker Asset Management LLC now owns 1,500 shares of the company's stock valued at $48,000 after acquiring an additional 474 shares during the last quarter. Huntington National Bank boosted its stake in Allegro MicroSystems by 85.0% during the 3rd quarter. Huntington National Bank now owns 1,991 shares of the company's stock valued at $64,000 after acquiring an additional 915 shares during the last quarter. Covestor Ltd boosted its stake in Allegro MicroSystems by 25.4% during the 3rd quarter. Covestor Ltd now owns 2,851 shares of the company's stock valued at $91,000 after acquiring an additional 578 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its stake in Allegro MicroSystems by 14.7% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,051 shares of the company's stock valued at $94,000 after acquiring an additional 390 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on ALGM shares. Needham & Company LLC reduced their price objective on shares of Allegro MicroSystems from $44.00 to $40.00 and set a "buy" rating on the stock in a research note on Friday, February 2nd. Evercore ISI assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday, April 16th. They set an "outperform" rating and a $36.00 price objective on the stock. TD Cowen raised their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an "outperform" rating in a research report on Friday, February 2nd. Finally, Wolfe Research upgraded shares of Allegro MicroSystems from a "peer perform" rating to an "outperform" rating and set a $35.00 price target on the stock in a research report on Friday, February 2nd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.50.

Allegro MicroSystems Stock Performance

Shares of ALGM stock traded up $0.97 during trading hours on Friday, reaching $30.10. The stock had a trading volume of 1,250,243 shares, compared to its average volume of 1,695,684. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. Allegro MicroSystems, Inc. has a twelve month low of $24.66 and a twelve month high of $53.05. The firm has a 50-day simple moving average of $28.51 and a 200-day simple moving average of $28.42. The firm has a market capitalization of $5.81 billion, a PE ratio of 25.55 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings data on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.03. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. The business had revenue of $254.98 million for the quarter, compared to analysts' expectations of $255.00 million. As a group, equities analysts forecast that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current year.

About Allegro MicroSystems

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.