Nippon Life Global Investors Americas Inc. acquired a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 143,870 shares of the company’s stock, valued at approximately $10,016,000. Nippon Life Global Investors Americas Inc. owned 0.08% of Allegro MicroSystems as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of ALGM. Bank of America Corp DE raised its position in shares of Allegro MicroSystems by 136.6% in 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 holdings 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 worth $201,835,000 after acquiring an additional 2,338,624 shares during the period. Alliancebernstein L.P. boosted its position 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 worth $94,360,000 after acquiring an additional 1,806,183 shares in the last quarter. Norges Bank acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $38,457,000. Finally, Adage Capital Partners GP L.L.C. increased its stake in Allegro MicroSystems by 77.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,803,944 shares of the company’s stock valued at $73,968,000 after acquiring an additional 1,227,317 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Allegro MicroSystems
In related news, SVP Richard Madormo sold 5,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $52.72, for a total transaction of $263,600.00. Following the sale, the senior vice president owned 69,687 shares in the company, valued at $3,673,898.64. The trade was a 6.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Erin Hagen sold 2,285 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $44.39, for a total value of $101,431.15. Following the sale, the senior vice president owned 31,052 shares in the company, valued at $1,378,398.28. This represents a 6.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,502 shares of company stock valued at $599,170 in the last 90 days. 0.50% of the stock is owned by corporate insiders.
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 for the quarter, topping 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 net margin of 1.50% and a return on equity of 8.30%. The company’s revenue was up 27.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.09 earnings per share. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. Research analysts predict that Allegro MicroSystems, Inc. will post 0.65 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on ALGM shares. TD Cowen cut their target price on Allegro MicroSystems from $66.00 to $48.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Wells Fargo & Company lifted their price target on Allegro MicroSystems from $48.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Morgan Stanley boosted their price target on Allegro MicroSystems from $51.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Jefferies Financial Group restated a “buy” rating and set a $62.00 price objective on shares of Allegro MicroSystems in a research report on Thursday, May 7th. Finally, Mizuho reduced their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.45.
Check Out Our Latest Report on Allegro MicroSystems
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.
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