Allegro MicroSystems (NASDAQ:ALGM) Upgraded at Benchmark

Benchmark upgraded shares of Allegro MicroSystems (NASDAQ:ALGM) to a strong-buy rating in a research note released on Wednesday,Zacks.com reports.

ALGM has been the topic of a number of other research reports. Barclays downgraded Allegro MicroSystems from an “overweight” rating to an “equal weight” rating and set a $48.00 price target on the stock. in a research note on Monday, July 20th. UBS Group upped their price objective on Allegro MicroSystems from $52.00 to $55.00 and gave the company a “buy” rating in a report on Friday, May 8th. Mizuho cut their target price on Allegro MicroSystems from $67.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, July 31st. Jefferies Financial Group reissued a “buy” rating and issued a $62.00 target price on shares of Allegro MicroSystems in a research note on Thursday, May 7th. Finally, Weiss Ratings upgraded Allegro MicroSystems from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and a consensus price target of $53.45.

Allegro MicroSystems Trading Up 0.6%

ALGM opened at $44.39 on Wednesday. The firm has a 50 day simple moving average of $50.48 and a 200 day simple moving average of $43.29. Allegro MicroSystems has a fifty-two week low of $22.41 and a fifty-two week high of $71.77. The company has a market cap of $8.27 billion, a price-to-earnings ratio of 739.96, a price-to-earnings-growth ratio of 1.39 and a beta of 1.94. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.70 and a quick ratio of 2.33.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. Allegro MicroSystems had a net margin of 1.50% and a return on equity of 8.30%. The firm had revenue of $259.24 million for the quarter, compared to analysts’ expectations of $251.44 million. During the same period last year, the firm earned $0.09 earnings per share. The business’s revenue for the quarter 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, sell-side analysts anticipate that Allegro MicroSystems will post 0.65 earnings per share for the current year.

Insider Activity

In other Allegro MicroSystems news, SVP Erin Hagen sold 2,285 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $44.39, for a total value of $101,431.15. Following the transaction, the senior vice president owned 31,052 shares of the company’s stock, valued at approximately $1,378,398.28. The trade was a 6.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Ian Kent sold 2,642 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $41.56, for a total transaction of $109,801.52. Following the completion of the sale, the senior vice president directly owned 25,392 shares in the company, valued at $1,055,291.52. This represents a 9.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 15,144 shares of company stock valued at $708,972. 0.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Allegro MicroSystems in the second quarter valued at about $966,975,000. Bank of America Corp DE boosted its position in Allegro MicroSystems by 136.6% during the third quarter. Bank of America Corp DE now owns 952,679 shares of the company’s stock valued at $27,818,000 after purchasing an additional 3,556,410 shares during the last quarter. Invesco Ltd. boosted its position in Allegro MicroSystems by 44.0% during the fourth quarter. Invesco Ltd. now owns 7,651,051 shares of the company’s stock valued at $201,835,000 after purchasing an additional 2,338,624 shares during the last quarter. Alliancebernstein L.P. boosted its position in Allegro MicroSystems by 189.4% during the second quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company’s stock valued at $94,360,000 after purchasing an additional 1,806,183 shares during the last quarter. Finally, Norges Bank bought a new position in Allegro MicroSystems in the fourth quarter valued at approximately $38,457,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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.