State of Alaska Department of Revenue Has $1.33 Million Stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

State of Alaska Department of Revenue lowered its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 49.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,011 shares of the company's stock after selling 59,099 shares during the period. State of Alaska Department of Revenue's holdings in Allegro MicroSystems were worth $1,333,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Avior Wealth Management LLC grew its position in Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock worth $321,000 after buying an additional 737 shares in the last quarter. Prosperity Financial Group Inc. boosted its holdings in shares of Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company's stock valued at $248,000 after purchasing an additional 784 shares in the last quarter. KBC Group NV boosted its holdings in shares of Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company's stock valued at $84,000 after acquiring an additional 1,042 shares in the last quarter. Natixis Advisors LLC boosted its holdings in shares of Allegro MicroSystems by 5.7% during the 3rd quarter. Natixis Advisors LLC now owns 30,062 shares of the company's stock valued at $700,000 after acquiring an additional 1,625 shares in the last quarter. Finally, Creative Planning boosted its holdings in shares of Allegro MicroSystems by 25.6% during the 2nd quarter. Creative Planning now owns 17,349 shares of the company's stock valued at $490,000 after acquiring an additional 3,540 shares in the last quarter. Institutional investors own 56.45% of the company's stock.

Wall Street Analysts Forecast Growth

ALGM has been the subject of several analyst reports. Wells Fargo & Company raised their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. Barclays raised 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. Needham & Company LLC reissued a "buy" rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research report on Friday, January 31st. Morgan Stanley lifted their price objective 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. Finally, Loop Capital started coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $30.70.

Allegro MicroSystems Stock Up 4.8 %

Shares of ALGM traded up $1.17 during trading hours on Friday, hitting $25.74. The stock had a trading volume of 3,597,883 shares, compared to its average volume of 2,439,348. 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 firm has a 50 day simple moving average of $23.21 and a 200-day simple moving average of $22.52. The firm has a market capitalization of $4.74 billion, a P/E ratio of -73.54 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.

Insider Activity

In other news, SVP Michael Doogue bought 15,000 shares of Allegro MicroSystems stock in a transaction dated Monday, November 18th. The stock was bought at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the purchase, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. This represents a 6.49 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is currently owned by company insiders.

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.