Allegro MicroSystems, Inc. (NASDAQ:ALGM) Stake Boosted by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board boosted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 139.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,881 shares of the company's stock after buying an additional 18,581 shares during the quarter. New Mexico Educational Retirement Board's holdings in Allegro MicroSystems were worth $697,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ALGM. FMR LLC grew its holdings in shares of Allegro MicroSystems by 43.3% during the third quarter. FMR LLC now owns 28,253,811 shares of the company's stock worth $658,314,000 after purchasing an additional 8,534,089 shares during the last quarter. Wellington Management Group LLP purchased a new position in Allegro MicroSystems during the third quarter worth about $71,289,000. JPMorgan Chase & Co. lifted its holdings in shares of Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after buying an additional 1,884,578 shares during the period. State Street Corp lifted its holdings in Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company's stock valued at $127,831,000 after acquiring an additional 1,615,351 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock valued at $59,699,000 after purchasing an additional 1,187,792 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Down 3.6 %

Shares of Allegro MicroSystems stock traded down $1.00 during trading hours on Friday, hitting $26.61. 1,776,264 shares of the company's stock traded hands, compared to its average volume of 2,586,946. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26. The stock has a 50 day simple moving average of $23.65 and a 200-day simple moving average of $22.63. The company has a market cap of $4.90 billion, a PE ratio of -76.03 and a beta of 1.66.

Analyst Ratings Changes

A number of research firms have commented on ALGM. Barclays boosted 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. Morgan Stanley raised their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a research report on Monday, February 3rd. Wells Fargo & Company lifted their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the company an "overweight" rating in a report on Monday, January 13th. Needham & Company LLC restated a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a report on Friday, January 31st. Finally, Loop Capital assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They set a "buy" rating and a $30.00 target price for the company. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $30.70.

About Allegro MicroSystems

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.