State of New Jersey Common Pension Fund D Increases Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

State of New Jersey Common Pension Fund D raised its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 41.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 91,566 shares of the company's stock after purchasing an additional 26,639 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Allegro MicroSystems were worth $2,772,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ALGM. FMR LLC increased its stake in shares of Allegro MicroSystems by 13.8% during the third quarter. FMR LLC now owns 9,234,454 shares of the company's stock worth $294,948,000 after purchasing an additional 1,121,651 shares during the period. Vanguard Group Inc. boosted its position in shares of Allegro MicroSystems by 5.1% in the third quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company's stock valued at $235,140,000 after acquiring an additional 355,814 shares during the period. JPMorgan Chase & Co. increased its position in Allegro MicroSystems by 21.9% during the third quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company's stock worth $129,435,000 after acquiring an additional 727,535 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Allegro MicroSystems by 34.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,319,635 shares of the company's stock worth $106,029,000 after purchasing an additional 855,811 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Allegro MicroSystems by 12.2% in the 3rd quarter. Invesco Ltd. now owns 3,205,810 shares of the company's stock valued at $102,394,000 after purchasing an additional 347,971 shares during the period. 56.45% of the stock is owned by institutional investors.

Analyst Ratings Changes

ALGM has been the subject of a number of analyst reports. Wolfe Research upgraded shares of Allegro MicroSystems from a "peer perform" rating to an "outperform" rating and set a $35.00 price target for the company in a research report on Friday, February 2nd. TD Cowen upped their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the company an "outperform" rating in a research report on Friday, February 2nd. Evercore ISI started coverage on Allegro MicroSystems in a research report on Tuesday, April 16th. They issued an "outperform" rating and a $36.00 price target on the stock. Finally, Needham & Company LLC dropped their price target on Allegro MicroSystems from $44.00 to $40.00 and set a "buy" rating for the company in a research note on Friday, February 2nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems presently has an average rating of "Moderate Buy" and a consensus price target of $44.50.

Allegro MicroSystems Price Performance

NASDAQ:ALGM traded down $0.56 during trading hours on Tuesday, hitting $29.69. The company's stock had a trading volume of 1,848,969 shares, compared to its average volume of 1,691,198. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. The company has a market capitalization of $5.73 billion, a P/E ratio of 26.04 and a beta of 1.82. Allegro MicroSystems, Inc. has a twelve month low of $24.66 and a twelve month high of $53.05. The stock has a fifty day simple moving average of $28.45 and a 200-day simple moving average of $28.38.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings results on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.03. The company had revenue of $254.98 million for the quarter, compared to the consensus estimate of $255.00 million. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. On average, analysts anticipate that Allegro MicroSystems, Inc. will post 1.13 EPS 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.