State of New Jersey Common Pension Fund D Boosts Position in Allegro MicroSystems, Inc. $ALGM

State of New Jersey Common Pension Fund D boosted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 34.9% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 92,928 shares of the company’s stock after buying an additional 24,046 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Allegro MicroSystems were worth $2,451,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Allegro MicroSystems by 0.6% in the third quarter. Vanguard Group Inc. now owns 14,293,465 shares of the company’s stock valued at $417,369,000 after buying an additional 87,526 shares during the period. Candriam S.C.A. purchased a new position in Allegro MicroSystems in the third quarter valued at approximately $2,604,000. Royce & Associates LP purchased a new position in Allegro MicroSystems in the third quarter valued at approximately $2,985,000. Capital Research Global Investors raised its holdings in Allegro MicroSystems by 5.8% in the third quarter. Capital Research Global Investors now owns 16,824,722 shares of the company’s stock valued at $491,282,000 after buying an additional 920,365 shares during the period. Finally, AXQ Capital LP purchased a new position in Allegro MicroSystems in the third quarter valued at approximately $1,129,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Trading Up 3.4%

ALGM opened at $51.37 on Thursday. The firm has a market capitalization of $9.52 billion, a P/E ratio of -642.13 and a beta of 2.02. The firm’s 50 day moving average is $36.25 and its 200-day moving average is $32.67. Allegro MicroSystems, Inc. has a 52-week low of $18.17 and a 52-week high of $51.40. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30.

Wall Street Analyst Weigh In

ALGM has been the topic of a number of analyst reports. Jefferies Financial Group reiterated a “buy” rating and set a $45.00 price objective on shares of Allegro MicroSystems in a research note on Thursday, February 19th. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, February 11th. TD Cowen lifted their price objective on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Bank of America lifted their price objective on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Finally, Needham & Company LLC lifted their price objective on shares of Allegro MicroSystems from $41.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, February 19th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.