State of Tennessee Department of Treasury Purchases 45,365 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

State of Tennessee Department of Treasury lifted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 94.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 93,365 shares of the company's stock after buying 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 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. TD Waterhouse Canada Inc. bought a new stake in Allegro MicroSystems in the fourth quarter valued at approximately $40,000. Tower Research Capital LLC TRC boosted its position in Allegro MicroSystems by 594.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 20,298 shares of the company's stock valued at $444,000 after buying an additional 17,377 shares during the period. Capital Research Global Investors grew its holdings in Allegro MicroSystems by 6.5% in the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock worth $126,093,000 after acquiring an additional 353,776 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Allegro MicroSystems by 30.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,719,274 shares of the company's stock valued at $37,582,000 after acquiring an additional 404,761 shares during the period. Finally, Marshall Wace LLP bought a new position in shares of Allegro MicroSystems during the fourth quarter valued at about $1,371,000. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Up 3.8 %

NASDAQ ALGM traded up $0.72 during trading hours on Friday, reaching $19.55. 2,117,099 shares of the company's stock traded hands, compared to its average volume of 2,494,762. The firm has a market cap of $3.60 billion, a PE ratio of -55.86 and a beta of 1.53. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $33.26. The firm has a 50-day simple moving average of $22.96 and a 200 day simple moving average of $22.75.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. UBS Group reduced their price target on Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating on the stock in a report on Tuesday, April 29th. Barclays decreased their target price on Allegro MicroSystems from $30.00 to $22.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Morgan Stanley lifted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. Needham & Company LLC restated a "buy" rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, Wells Fargo & Company lifted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a research note on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $28.56.

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.