BlackRock Inc. Purchases New Position in Allegro MicroSystems, Inc. $ALGM

BlackRock Inc. acquired a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 13,889,324 shares of the company’s stock, valued at approximately $966,975,000. BlackRock Inc. owned 0.07% of Allegro MicroSystems at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ALGM. State of Wyoming bought a new stake in shares of Allegro MicroSystems during the 2nd quarter valued at $2,247,000. Norges Bank bought a new position in Allegro MicroSystems in the 4th quarter worth about $38,457,000. Nippon Life Global Investors Americas Inc. purchased a new position in Allegro MicroSystems during the 2nd quarter valued at about $10,016,000. Bank of America Corp DE grew its holdings in Allegro MicroSystems by 48.3% during the 1st quarter. Bank of America Corp DE now owns 855,453 shares of the company’s stock valued at $26,972,000 after buying an additional 278,798 shares in the last quarter. Finally, Maverick Capital Ltd. bought a new stake in shares of Allegro MicroSystems during the first quarter valued at about $1,331,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Erin Hagen sold 2,285 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $44.39, for a total transaction of $101,431.15. Following the transaction, the senior vice president directly owned 31,052 shares in the company, valued at $1,378,398.28. This trade represents a 6.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Richard Madormo sold 5,000 shares of Allegro MicroSystems stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $52.72, for a total value of $263,600.00. Following the completion of the transaction, the senior vice president directly owned 69,687 shares in the company, valued at $3,673,898.64. This trade represents a 6.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.50% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $37.16 on Friday. The company has a quick ratio of 2.33, a current ratio of 3.70 and a debt-to-equity ratio of 0.30. The stock has a market cap of $6.93 billion, a PE ratio of 619.44, a PEG ratio of 1.17 and a beta of 1.94. The company’s fifty day moving average is $49.65 and its 200 day moving average is $43.45. Allegro MicroSystems, Inc. has a 52 week low of $22.41 and a 52 week high of $71.77.

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. The firm had revenue of $259.24 million for the quarter, compared to analysts’ expectations of $251.44 million. Allegro MicroSystems had a return on equity of 8.30% and a net margin of 1.50%.The company’s revenue for the quarter was up 27.5% compared to the same quarter last year. During the same period last year, the firm earned $0.09 earnings per share. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. Research analysts anticipate that Allegro MicroSystems, Inc. will post 0.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Barclays lowered shares of Allegro MicroSystems from an “overweight” rating to an “equal weight” rating and set a $48.00 price objective for the company. in a research report on Monday, July 20th. Needham & Company LLC increased their target price on shares of Allegro MicroSystems from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Jefferies Financial Group reiterated a “buy” rating and issued a $62.00 target price on shares of Allegro MicroSystems in a research note on Thursday, May 7th. Benchmark initiated coverage on shares of Allegro MicroSystems in a report on Wednesday, August 12th. They issued a “buy” rating and a $60.00 price target for the company. Finally, Wells Fargo & Company upped their price target on shares of Allegro MicroSystems from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. One 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 data from MarketBeat, Allegro MicroSystems currently has an average rating of “Moderate Buy” and a consensus target price of $53.45.

Allegro MicroSystems 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.