Louisiana State Employees Retirement System Invests $605,000 in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Louisiana State Employees Retirement System bought a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 20,000 shares of the company’s stock, valued at approximately $605,000.

Several other institutional investors also recently modified their holdings of the stock. Avantax Advisory Services Inc. grew its position in shares of Allegro MicroSystems by 5.3% during the 3rd quarter. Avantax Advisory Services Inc. now owns 7,620 shares of the company’s stock worth $243,000 after buying an additional 385 shares during the period. Prosperity Financial Group Inc. increased its stake in Allegro MicroSystems by 5.2% during the 3rd quarter. Prosperity Financial Group Inc. now owns 7,996 shares of the company’s stock worth $255,000 after purchasing an additional 395 shares in the last quarter. Tucker Asset Management LLC raised its holdings in Allegro MicroSystems by 46.2% during the 3rd quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock worth $48,000 after buying an additional 474 shares during the period. Covestor Ltd boosted its holdings in shares of Allegro MicroSystems by 25.4% in the third quarter. Covestor Ltd now owns 2,851 shares of the company’s stock valued at $91,000 after buying an additional 578 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its position in shares of Allegro MicroSystems by 10.5% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 7,374 shares of the company’s stock worth $236,000 after acquiring an additional 700 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on ALGM. Wolfe Research raised shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research note on Friday, February 2nd. Evercore ISI started coverage on Allegro MicroSystems in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $36.00 target price on the stock. TD Cowen upped their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Finally, Needham & Company LLC lowered their price objective on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, February 2nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average price target of $44.50.

Allegro MicroSystems Stock Performance

ALGM opened at $30.10 on Monday. Allegro MicroSystems, Inc. has a 52-week low of $24.66 and a 52-week high of $53.05. The firm has a market capitalization of $5.81 billion, a PE ratio of 26.40 and a beta of 1.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.19 and a current ratio of 4.57. The business’s 50-day simple moving average is $28.49 and its 200 day simple moving average is $28.38.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.03. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The business had revenue of $254.98 million for the quarter, compared to analyst estimates of $255.00 million. As a group, sell-side analysts expect that Allegro MicroSystems, Inc. will post 1.13 earnings per share for the current fiscal year.

Allegro MicroSystems Company 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.