Public Employees Retirement System of Ohio Takes $2.51 Million Position in Allegro MicroSystems, Inc. $ALGM

Public Employees Retirement System of Ohio acquired a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 36,089 shares of the company’s stock, valued at approximately $2,513,000.

A number of other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in Allegro MicroSystems during the second quarter valued at about $966,975,000. Bank of America Corp DE lifted its position in shares of Allegro MicroSystems by 136.6% during the 3rd quarter. Bank of America Corp DE now owns 952,679 shares of the company’s stock valued at $27,818,000 after buying an additional 3,556,410 shares in the last quarter. Invesco Ltd. lifted its position in shares of Allegro MicroSystems by 44.0% during the 4th quarter. Invesco Ltd. now owns 7,651,051 shares of the company’s stock valued at $201,835,000 after buying an additional 2,338,624 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Allegro MicroSystems by 189.4% during the 2nd quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company’s stock valued at $94,360,000 after acquiring an additional 1,806,183 shares during the period. Finally, Norges Bank purchased a new stake in Allegro MicroSystems in the 4th quarter worth approximately $38,457,000. 56.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on ALGM. TD Cowen decreased their target price on shares of Allegro MicroSystems from $66.00 to $48.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Wall Street Zen raised shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. Morgan Stanley raised their price objective on shares of Allegro MicroSystems from $51.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. Barclays cut shares of Allegro MicroSystems from an “overweight” rating to an “equal weight” rating and set a $48.00 target price on the stock. in a research note on Monday, July 20th. Finally, Mizuho dropped their target price on shares of Allegro MicroSystems from $67.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.45.

Allegro MicroSystems Trading Up 3.0%

ALGM stock opened at $36.61 on Friday. Allegro MicroSystems, Inc. has a 1-year low of $22.41 and a 1-year high of $71.77. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.70 and a quick ratio of 2.33. The company has a market capitalization of $6.82 billion, a price-to-earnings ratio of 610.27, a PEG ratio of 1.15 and a beta of 1.91. The business has a 50 day simple moving average of $45.49 and a two-hundred day simple moving average of $43.15.

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 business had revenue of $259.24 million during the quarter, compared to analyst estimates of $251.44 million. During the same period last year, the firm posted $0.09 EPS. 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. Research analysts anticipate that Allegro MicroSystems, Inc. will post 0.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Erin Hagen sold 2,285 shares of Allegro MicroSystems stock in a transaction 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 sale, the senior vice president directly owned 31,052 shares in the company, valued at approximately $1,378,398.28. The trade was a 6.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.50% of the company’s stock.

About Allegro MicroSystems

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.