Allegro MicroSystems (NASDAQ:ALGM) Stock Rating Raised to Moderate Buy at Royal Bank Of Canada

Royal Bank Of Canada upgraded shares of Allegro MicroSystems (NASDAQ:ALGM) to a moderate buy rating in a research report sent to investors on Friday,Zacks reports.

ALGM has been the topic of several other research reports. Needham & Company LLC boosted their target price on shares of Allegro MicroSystems from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Barclays cut shares of Allegro MicroSystems from an “overweight” rating to an “equal weight” rating and set a $48.00 price target for the company. in a report on Monday, July 20th. TD Cowen lowered their price objective on shares of Allegro MicroSystems from $66.00 to $48.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Benchmark started coverage on shares of Allegro MicroSystems in a report on Wednesday, August 12th. They set a “buy” rating and a $60.00 price objective on the stock. Finally, Weiss Ratings raised shares of Allegro MicroSystems from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $53.17.

Allegro MicroSystems Trading Up 8.7%

Allegro MicroSystems stock opened at $39.53 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.33 and a current ratio of 3.70. The stock has a market cap of $7.37 billion, a PE ratio of 658.94, a price-to-earnings-growth ratio of 1.15 and a beta of 1.99. The stock has a 50-day moving average of $38.31 and a two-hundred day moving average of $43.10. Allegro MicroSystems has a one year low of $22.41 and a one year high of $71.77.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. Allegro MicroSystems had a return on equity of 8.30% and a net margin of 1.50%.The business had revenue of $259.24 million for the quarter, compared to analyst estimates of $251.44 million. During the same quarter in the previous year, the firm earned $0.09 earnings per share. The company’s revenue was up 27.5% on a year-over-year basis. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. On average, research analysts anticipate that Allegro MicroSystems will post 0.65 EPS for the current fiscal year.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Erin Hagen sold 2,285 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $44.39, for a total transaction of $101,431.15. Following the completion of the transaction, the senior vice president owned 31,052 shares of the company’s stock, valued at $1,378,398.28. This trade represents a 6.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds have recently added to or reduced their stakes in the business. Transamerica Financial Advisors LLC acquired a new position in shares of Allegro MicroSystems in the 2nd quarter valued at about $27,000. Rakuten Securities Inc. purchased a new stake in shares of Allegro MicroSystems in the second quarter worth about $31,000. Continuum Advisory LLC acquired a new stake in Allegro MicroSystems during the second quarter worth about $35,000. First Bancorp Inc ME acquired a new stake in Allegro MicroSystems during the second quarter worth about $49,000. Finally, Parallel Advisors LLC grew its holdings in Allegro MicroSystems by 42.8% during the first quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock worth $32,000 after acquiring an additional 302 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ:ALGM) develops and manufactures semiconductor solutions that enable motion, power management and energy efficiency in automotive and industrial applications. The company specializes in sensor integrated circuits and power semiconductor devices designed to monitor, control and improve the performance of electronic systems.

Its product portfolio includes magnetic sensors for detecting position, speed, current and angle, as well as power management integrated circuits, motor drivers, LED driver ICs and other application-specific solutions.