Louisiana State Employees Retirement System Cuts Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Louisiana State Employees Retirement System lowered its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 15.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,300 shares of the company’s stock after selling 6,800 shares during the period. Louisiana State Employees Retirement System’s holdings in Allegro MicroSystems were worth $794,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. KBC Group NV boosted its stake in Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after purchasing an additional 1,042 shares during the last quarter. Van ECK Associates Corp purchased a new stake in Allegro MicroSystems during the 3rd quarter valued at $172,000. Intech Investment Management LLC purchased a new stake in Allegro MicroSystems during the 3rd quarter valued at $214,000. Prosperity Financial Group Inc. boosted its stake in Allegro MicroSystems by 7.9% during the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after purchasing an additional 784 shares during the last quarter. Finally, Avior Wealth Management LLC boosted its stake in Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after purchasing an additional 737 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of Allegro MicroSystems stock opened at $26.78 on Wednesday. Allegro MicroSystems, Inc. has a one year low of $18.59 and a one year high of $33.26. The stock’s fifty day moving average is $23.42 and its 200 day moving average is $22.56. The stock has a market cap of $4.93 billion, a P/E ratio of -76.51 and a beta of 1.66. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

Analyst Ratings Changes

Several analysts have commented on the company. Needham & Company LLC reiterated a “buy” rating and set a $30.00 target price on shares of Allegro MicroSystems in a research note on Friday, January 31st. Morgan Stanley raised their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research note on Monday, February 3rd. Loop Capital assumed coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target on the stock. Barclays raised their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, Wells Fargo & Company raised their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.70.

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.