Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Acquired by State of Tennessee Department of Treasury

State of Tennessee Department of Treasury increased its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 94.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 93,365 shares of the company's stock after purchasing an additional 45,365 shares during the period. State of Tennessee Department of Treasury owned approximately 0.05% of Allegro MicroSystems worth $2,041,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. TD Waterhouse Canada Inc. purchased a new stake in shares of Allegro MicroSystems in the 4th quarter worth $40,000. Venturi Wealth Management LLC acquired a new stake in shares of Allegro MicroSystems during the fourth quarter worth $47,000. Sterling Capital Management LLC raised its stake in shares of Allegro MicroSystems by 59.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company's stock worth $161,000 after purchasing an additional 2,758 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Allegro MicroSystems in the 4th quarter valued at $186,000. Finally, Bailard Inc. purchased a new stake in Allegro MicroSystems in the fourth quarter valued at $254,000. Institutional investors own 56.45% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. UBS Group cut their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating for the company in a report on Tuesday. Needham & Company LLC restated a "buy" rating and set a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Mizuho upped their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the company an "outperform" rating in a research report on Monday, March 24th. Morgan Stanley lifted their price objective on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research note on Monday, February 3rd. Finally, Barclays cut their target price on shares of Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $28.56.

Allegro MicroSystems Stock Down 1.3 %

Shares of ALGM traded down $0.24 during mid-day trading on Thursday, reaching $18.83. The company's stock had a trading volume of 1,847,553 shares, compared to its average volume of 2,483,929. The company's 50 day moving average is $23.16 and its 200 day moving average is $22.75. The stock has a market cap of $3.47 billion, a PE ratio of -53.80 and a beta of 1.53. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $33.26. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00.

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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.