Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Free Report)’s share price rose 6.9% during trading on Thursday . The company traded as high as $45.67 and last traded at $45.4140. 719,279 shares were traded during mid-day trading, a decline of 72% from the average session volume of 2,595,618 shares. The stock had previously closed at $42.47.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the company. Needham & Company LLC upped their target price on Allegro MicroSystems from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Jefferies Financial Group restated a “buy” rating and set a $62.00 price target on shares of Allegro MicroSystems in a research note on Thursday, May 7th. Barclays downgraded shares of Allegro MicroSystems from an “overweight” rating to an “equal weight” rating and set a $48.00 price objective on the stock. in a report on Monday, July 20th. Evercore reiterated an “outperform” rating and set a $53.00 price objective on shares of Allegro MicroSystems in a report on Friday, May 8th. Finally, Wall Street Zen raised shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.45.
View Our Latest Stock Report on Allegro MicroSystems
Allegro MicroSystems Price Performance
Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.02. The firm had revenue of $259.24 million during the quarter, compared to analyst estimates of $251.44 million. Allegro MicroSystems had a net margin of 1.50% and a return on equity of 8.30%. The business’s revenue was up 27.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.09 EPS. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. On average, sell-side analysts anticipate that Allegro MicroSystems, Inc. will post 0.65 EPS for the current fiscal year.
Insider Activity
In other news, CAO Roald Graham Webster sold 5,217 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $44.88, for a total value of $234,138.96. Following the transaction, the chief accounting officer owned 13,106 shares in the company, valued at $588,197.28. The trade was a 28.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Ian Kent sold 2,642 shares of the stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $41.56, for a total value of $109,801.52. Following the sale, the senior vice president directly owned 25,392 shares of the company’s stock, valued at $1,055,291.52. The trade was 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. Insiders sold 15,144 shares of company stock worth $708,972 in the last quarter. 0.50% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Allegro MicroSystems
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada raised its position in Allegro MicroSystems by 70.0% in the first quarter. Royal Bank of Canada now owns 117,923 shares of the company’s stock worth $2,964,000 after acquiring an additional 48,554 shares during the period. AQR Capital Management LLC bought a new position in shares of Allegro MicroSystems during the 1st quarter valued at approximately $325,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Allegro MicroSystems by 31.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company’s stock valued at $8,911,000 after acquiring an additional 85,607 shares during the period. Prudential Financial Inc. increased its stake in shares of Allegro MicroSystems by 24.0% during the 2nd quarter. Prudential Financial Inc. now owns 15,684 shares of the company’s stock worth $536,000 after purchasing an additional 3,040 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in shares of Allegro MicroSystems by 5.4% in the 2nd quarter. First Trust Advisors LP now owns 576,478 shares of the company’s stock worth $19,710,000 after purchasing an additional 29,531 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.
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.
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