New York State Common Retirement Fund Sells 18,520 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

New York State Common Retirement Fund lowered its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 3.2% during the 4th quarter, HoldingsChannel reports. The firm owned 560,656 shares of the company’s stock after selling 18,520 shares during the period. New York State Common Retirement Fund’s holdings in Allegro MicroSystems were worth $16,971,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Handelsbanken Fonder AB increased its holdings in shares of Allegro MicroSystems by 7.6% in the fourth quarter. Handelsbanken Fonder AB now owns 18,500 shares of the company’s stock worth $560,000 after purchasing an additional 1,300 shares during the period. CWM LLC grew its position in Allegro MicroSystems by 35.6% in the fourth quarter. CWM LLC now owns 3,377 shares of the company’s stock worth $102,000 after acquiring an additional 886 shares in the last quarter. Calamos Advisors LLC purchased a new position in Allegro MicroSystems in the fourth quarter worth $560,000. Migdal Insurance & Financial Holdings Ltd. grew its position in Allegro MicroSystems by 14.7% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,051 shares of the company’s stock worth $94,000 after acquiring an additional 390 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Allegro MicroSystems by 22.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,834 shares of the company’s stock worth $449,000 after acquiring an additional 2,677 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $30.10 on Monday. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22. The firm has a 50-day moving average of $28.49 and a 200-day moving average of $28.38. The firm has a market cap of $5.81 billion, a P/E ratio of 26.40 and a beta of 1.82. Allegro MicroSystems, Inc. has a 1-year low of $24.66 and a 1-year high of $53.05.

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

Analyst Upgrades and Downgrades

ALGM has been the subject of several research reports. TD Cowen upped their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Evercore ISI assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price target for the company. Wolfe Research upgraded shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price target for the company in a research report on Friday, February 2nd. Finally, Needham & Company LLC cut their price target on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, February 2nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and a consensus target price of $44.50.

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.