Treasurer of the State of North Carolina Grows Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Treasurer of the State of North Carolina grew its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) by 1.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,767 shares of the company’s stock after buying an additional 360 shares during the period. Treasurer of the State of North Carolina’s holdings in Allegro MicroSystems were worth $864,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Raymond James & Associates raised its position in shares of Allegro MicroSystems by 6.3% in the first quarter. Raymond James & Associates now owns 43,038 shares of the company’s stock valued at $1,222,000 after purchasing an additional 2,550 shares during the period. US Bancorp DE lifted its position in shares of Allegro MicroSystems by 981.5% during the first quarter. US Bancorp DE now owns 2,455 shares of the company’s stock worth $70,000 after acquiring an additional 2,228 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Allegro MicroSystems by 201.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after acquiring an additional 774 shares during the period. AlphaCrest Capital Management LLC purchased a new position in shares of Allegro MicroSystems in the first quarter valued at $317,000. Finally, MetLife Investment Management LLC bought a new stake in shares of Allegro MicroSystems during the 1st quarter valued at $74,000. Hedge funds and other institutional investors own 46.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Needham & Company LLC lifted their target price on Allegro MicroSystems from $42.00 to $50.00 and gave the company a “buy” rating in a report on Wednesday, March 15th. Barclays raised their price target on shares of Allegro MicroSystems from $44.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, March 14th. Wells Fargo & Company upped their price target on shares of Allegro MicroSystems from $43.00 to $52.00 in a report on Thursday, March 9th. TheStreet downgraded Allegro MicroSystems from a “b-” rating to a “c+” rating in a research report on Thursday. Finally, Cowen boosted their target price on Allegro MicroSystems from $38.00 to $44.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 1st. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $48.33.

Allegro MicroSystems Stock Up 0.3 %

ALGM opened at $38.96 on Friday. The company has a quick ratio of 3.11, a current ratio of 4.03 and a debt-to-equity ratio of 0.03. The business’s fifty day simple moving average is $42.35 and its 200 day simple moving average is $37.36. Allegro MicroSystems, Inc. has a 52 week low of $19.20 and a 52 week high of $48.72. The stock has a market cap of $7.46 billion, a PE ratio of 40.58 and a beta of 1.69.

About Allegro MicroSystems

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Allegro MicroSystems, Inc 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, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.