New York State Teachers Retirement System Acquires 11,300 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

New York State Teachers Retirement System grew its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 97.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,900 shares of the company’s stock after purchasing an additional 11,300 shares during the quarter. New York State Teachers Retirement System’s holdings in Allegro MicroSystems were worth $534,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. GAMMA Investing LLC grew its stake in Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after acquiring an additional 603 shares in the last quarter. CWM LLC increased its holdings in Allegro MicroSystems by 27.7% during the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after purchasing an additional 921 shares during the period. Texas Permanent School Fund Corp raised its position in Allegro MicroSystems by 1.7% during the 1st quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company’s stock valued at $1,686,000 after purchasing an additional 1,019 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after buying an additional 1,096 shares during the period. Finally, ProShare Advisors LLC grew its position in shares of Allegro MicroSystems by 9.2% during the 2nd quarter. ProShare Advisors LLC now owns 13,280 shares of the company’s stock worth $375,000 after buying an additional 1,123 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $21.73 on Monday. The firm has a fifty day moving average price of $21.94 and a 200 day moving average price of $25.72. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. Allegro MicroSystems, Inc. has a 1-year low of $19.71 and a 1-year high of $33.26. The stock has a market cap of $4.00 billion, a PE ratio of -155.21 and a beta of 1.69.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The company’s quarterly revenue was down 32.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ALGM. Morgan Stanley started coverage on shares of Allegro MicroSystems in a report on Thursday. They set an “equal weight” rating and a $21.00 target price on the stock. Barclays decreased their price target on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Mizuho set a $26.00 target price on Allegro MicroSystems in a research note on Friday, October 18th. UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. Finally, Needham & Company LLC cut their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average target price of $30.89.

Allegro MicroSystems 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; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.