Retirement Systems of Alabama Cuts Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Retirement Systems of Alabama cut its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 13.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 199,834 shares of the company’s stock after selling 29,981 shares during the quarter. Retirement Systems of Alabama’s holdings in Allegro MicroSystems were worth $4,368,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Westfield Capital Management Co. LP grew its holdings in shares of Allegro MicroSystems by 54.6% in the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock valued at $46,937,000 after purchasing an additional 711,185 shares in the last quarter. JPMorgan Chase & Co. lifted its position in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after buying an additional 1,884,578 shares during the last quarter. Geode Capital Management LLC lifted its position in Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after buying an additional 1,187,792 shares during the last quarter. Wellington Management Group LLP bought a new stake in Allegro MicroSystems in the third quarter worth $71,289,000. Finally, Pier Capital LLC bought a new stake in Allegro MicroSystems in the third quarter worth $7,514,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Allegro MicroSystems

In other news, SVP Michael Doogue acquired 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at $4,675,634. The trade was a 6.49 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.50% of the stock is currently owned by corporate insiders.

Allegro MicroSystems Stock Performance

ALGM stock opened at $23.37 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The business has a 50-day moving average price of $22.93 and a 200 day moving average price of $22.48. The company has a market capitalization of $4.30 billion, a P/E ratio of -66.77 and a beta of 1.66. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ALGM shares. Needham & Company LLC restated a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a research report on Friday, January 31st. Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday, October 18th. Loop Capital began coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target for the company. Barclays lifted their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Morgan Stanley lifted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.70.

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.