State of New Jersey Common Pension Fund D Acquires New Shares in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

State of New Jersey Common Pension Fund D purchased a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 81,095 shares of the company's stock, valued at approximately $1,890,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Principal Financial Group Inc. raised its stake in 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 acquiring an additional 308,943 shares in the last quarter. Amalgamated Bank lifted its holdings in Allegro MicroSystems by 99.1% in the third quarter. Amalgamated Bank now owns 72,399 shares of the company's stock worth $1,687,000 after purchasing an additional 36,042 shares during the period. Van ECK Associates Corp bought a new position in Allegro MicroSystems in the 3rd quarter valued at about $172,000. New York State Teachers Retirement System increased its stake in Allegro MicroSystems by 97.4% during 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. Finally, State of Alaska Department of Revenue raised its position in shares of Allegro MicroSystems by 9.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 120,110 shares of the company's stock worth $2,797,000 after buying an additional 10,370 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALGM has been the topic of several recent analyst reports. Barclays dropped their target price on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating on the stock in a report on Friday, November 1st. Needham & Company LLC decreased 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. Morgan Stanley started coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 price target on the stock. Loop Capital assumed coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price target for the company. Finally, Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. One 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.80.

Allegro MicroSystems Trading Up 1.3 %

Shares of ALGM stock traded up $0.25 during trading hours on Tuesday, reaching $19.49. 838,339 shares of the stock traded hands, compared to its average volume of 1,924,490. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $3.59 billion, a PE ratio of -138.93 and a beta of 1.69. Allegro MicroSystems, Inc. has a 1-year low of $18.59 and a 1-year high of $33.26. The business has a fifty day moving average price of $21.60 and a 200 day moving average price of $25.31.

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

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.