Oregon Public Employees Retirement Fund Lowers Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Oregon Public Employees Retirement Fund cut its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 15.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,537 shares of the company’s stock after selling 4,900 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Allegro MicroSystems were worth $580,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Venturi Wealth Management LLC purchased a new stake in shares of Allegro MicroSystems during the fourth quarter valued at about $47,000. KBC Group NV lifted its position in shares of Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after buying an additional 1,042 shares during the last quarter. Van ECK Associates Corp purchased a new stake in shares of Allegro MicroSystems during the third quarter valued at about $172,000. Intech Investment Management LLC purchased a new stake in shares of Allegro MicroSystems during the third quarter valued at about $214,000. Finally, Prosperity Financial Group Inc. raised its position 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 during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $22.30 on Monday. Allegro MicroSystems, Inc. has a twelve month low of $18.59 and a twelve month high of $33.26. The company’s 50 day moving average is $23.90 and its 200 day moving average is $22.69. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The company has a market cap of $4.11 billion, a PE ratio of -63.71 and a beta of 1.66.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wells Fargo & Company increased their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. Barclays increased their price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Loop Capital assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective for the company. Finally, Morgan Stanley increased their price objective 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 investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average 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.