Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 49.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 61,011 shares of the company’s stock after selling 59,099 shares during the period. State of Alaska Department of Revenue’s holdings in Allegro MicroSystems were worth $1,333,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. KBC Group NV raised its stake in Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after buying an additional 1,042 shares in the last quarter. Van ECK Associates Corp purchased a new position in shares of Allegro MicroSystems during the third quarter valued at $172,000. Intech Investment Management LLC bought a new position in Allegro MicroSystems during the third quarter valued at approximately $214,000. nVerses Capital LLC acquired a new stake in Allegro MicroSystems in the 3rd quarter worth approximately $231,000. Finally, Prosperity Financial Group Inc. raised its holdings in Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock worth $248,000 after acquiring an additional 784 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Stock Down 0.2 %

Allegro MicroSystems stock opened at $24.43 on Thursday. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. The company has a market capitalization of $4.50 billion, a PE ratio of -69.80 and a beta of 1.66. The firm’s fifty day moving average is $23.05 and its 200 day moving average is $22.50. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40.

Analyst Upgrades and Downgrades

ALGM has been the topic of several analyst reports. Barclays upped their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Friday, January 31st. Loop Capital began coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective on the stock. Morgan Stanley upped their price target on shares of 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, Wells Fargo & Company raised their price target 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 research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.70.

Insider Buying and Selling

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the purchase, the senior vice president now owns 246,086 shares of the company’s stock, valued at $4,675,634. This represents a 6.49 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.50% of the stock is currently owned by company insiders.

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.