South Dakota Investment Council Takes $1.06 Million Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

South Dakota Investment Council purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 35,000 shares of the company’s stock, valued at approximately $1,059,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Avantax Advisory Services Inc. boosted its holdings in shares of Allegro MicroSystems by 5.3% in the third quarter. Avantax Advisory Services Inc. now owns 7,620 shares of the company’s stock valued at $243,000 after acquiring an additional 385 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Allegro MicroSystems by 14.7% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,051 shares of the company’s stock valued at $94,000 after purchasing an additional 390 shares in the last quarter. Prosperity Financial Group Inc. increased its position in Allegro MicroSystems by 5.2% during the 3rd quarter. Prosperity Financial Group Inc. now owns 7,996 shares of the company’s stock worth $255,000 after purchasing an additional 395 shares during the period. State of Alaska Department of Revenue increased its position in Allegro MicroSystems by 0.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 110,565 shares of the company’s stock worth $3,531,000 after purchasing an additional 435 shares during the period. Finally, Tucker Asset Management LLC raised its stake in shares of Allegro MicroSystems by 46.2% during the 3rd quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock worth $48,000 after buying an additional 474 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Wolfe Research raised Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 price objective on the stock in a report on Friday, February 2nd. Evercore ISI began coverage on shares of Allegro MicroSystems in a research note on Tuesday, April 16th. They set an “outperform” rating and a $36.00 price target on the stock. TD Cowen raised their price objective on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a research note on Friday, February 2nd. Finally, Needham & Company LLC lowered their target price on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.50.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $29.13 on Friday. Allegro MicroSystems, Inc. has a fifty-two week low of $24.66 and a fifty-two week high of $53.05. The stock has a fifty day moving average of $28.51 and a two-hundred day moving average of $28.42. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.19 and a current ratio of 4.57. The company has a market capitalization of $5.63 billion, a price-to-earnings ratio of 25.55 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, February 1st. The company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The company had revenue of $254.98 million for the quarter, compared to the consensus estimate of $255.00 million. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. On average, analysts anticipate that Allegro MicroSystems, Inc. will post 1.13 EPS for the current fiscal year.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.