South Dakota Investment Council Buys Shares of 35,000 Allegro MicroSystems, Inc. (NASDAQ:ALGM)

South Dakota Investment Council purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 35,000 shares of the company’s stock, valued at approximately $1,059,000.

Other large investors have also recently modified their holdings of the company. GAMMA Investing LLC acquired a new position in shares of Allegro MicroSystems during the 4th quarter valued at $28,000. Tucker Asset Management LLC boosted its holdings in Allegro MicroSystems by 46.2% in the third quarter. Tucker Asset Management LLC now owns 1,500 shares of the company’s stock worth $48,000 after acquiring an additional 474 shares in the last quarter. Huntington National Bank grew its stake in Allegro MicroSystems by 85.0% in the third quarter. Huntington National Bank now owns 1,991 shares of the company’s stock valued at $64,000 after acquiring an additional 915 shares during the period. Covestor Ltd lifted its stake in shares of Allegro MicroSystems by 25.4% in the third quarter. Covestor Ltd now owns 2,851 shares of the company’s stock valued at $91,000 after buying an additional 578 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Allegro MicroSystems by 14.7% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,051 shares of the company’s stock valued at $94,000 after buying an additional 390 shares during the last quarter. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Up 1.3 %

ALGM stock opened at $29.13 on Friday. Allegro MicroSystems, Inc. has a 1-year low of $24.66 and a 1-year high of $53.05. The stock has a market cap of $5.63 billion, a P/E ratio of 25.55 and a beta of 1.82. The stock’s fifty day simple moving average is $28.51 and its two-hundred day simple moving average is $28.42. The company has a current ratio of 4.57, a quick ratio of 3.19 and a debt-to-equity ratio of 0.22.

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

Analyst Ratings Changes

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

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