Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Sold by Amalgamated Bank

Amalgamated Bank reduced its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 14.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,797 shares of the company's stock after selling 10,602 shares during the period. Amalgamated Bank's holdings in Allegro MicroSystems were worth $1,351,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Louisiana State Employees Retirement System increased its position in Allegro MicroSystems by 113.4% during the third quarter. Louisiana State Employees Retirement System now owns 43,100 shares of the company's stock worth $1,004,000 after purchasing an additional 22,900 shares during the last quarter. New York State Teachers Retirement System grew its stake in shares of Allegro MicroSystems by 97.4% in the 3rd quarter. New York State Teachers Retirement System now owns 22,900 shares of the company's stock valued at $534,000 after buying an additional 11,300 shares during the period. Van ECK Associates Corp acquired a new stake in shares of Allegro MicroSystems during the 3rd quarter worth approximately $172,000. Principal Financial Group Inc. raised its position in shares of Allegro MicroSystems by 14.1% during the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock valued at $58,244,000 after buying an additional 308,943 shares during the period. Finally, State of New Jersey Common Pension Fund D purchased a new stake in shares of Allegro MicroSystems during the 3rd quarter valued at approximately $1,890,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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Allegro MicroSystems Stock Down 1.7 %

Shares of Allegro MicroSystems stock traded down $0.47 during trading hours on Friday, reaching $27.84. 4,703,284 shares of the company were exchanged, compared to its average volume of 3,164,050. The firm has a market cap of $5.13 billion, a PE ratio of -79.70 and a beta of 1.67. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The stock's fifty day moving average is $24.23 and its 200 day moving average is $22.76.

Analyst Upgrades and Downgrades

ALGM has been the subject of several recent analyst reports. Needham & Company LLC reissued a "buy" rating and set a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. Loop Capital assumed coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a "buy" rating and a $30.00 price objective for the company. Barclays boosted their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Wells Fargo & Company increased their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, January 13th. Finally, Morgan Stanley lifted their price target on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and an average target price of $30.70.

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