Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) had its price target dropped by equities research analysts at TD Cowen from $48.00 to $40.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price target points to a potential upside of 20.59% from the company’s previous close.
ALGM has been the subject of a number of other research reports. Morgan Stanley upped 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. Benchmark assumed coverage on Allegro MicroSystems in a report on Wednesday, August 12th. They set a “buy” rating and a $60.00 target price on the stock. Mizuho decreased their target price on Allegro MicroSystems from $67.00 to $58.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. Royal Bank Of Canada initiated coverage on Allegro MicroSystems in a research note on Friday, October 2nd. They issued an “outperform” rating and a $50.00 target price for the company. Finally, Wall Street Zen upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $52.50.
Read Our Latest Stock Analysis on Allegro MicroSystems
Allegro MicroSystems Stock Up 4.9%
Shares of NASDAQ:ALGM opened at $33.17 on Monday. The company has a 50 day moving average price of $36.54 and a two-hundred day moving average price of $43.47. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.33 and a current ratio of 3.70. The company has a market capitalization of $6.18 billion, a PE ratio of 552.93, a PEG ratio of 1.00 and a beta of 1.99. Allegro MicroSystems has a 52 week low of $22.41 and a 52 week high of $71.77.
Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last announced its quarterly 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 company 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 business’s quarterly revenue was up 27.5% compared to the same quarter last year. During the same period last year, the firm posted $0.09 earnings per share. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. Analysts forecast that Allegro MicroSystems will post 0.65 earnings per share for the current year.
Insiders Place Their Bets
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. Insiders own 0.50% of the company’s stock.
Institutional Investors Weigh In On Allegro MicroSystems
Large investors have recently made changes to their positions in the stock. Transamerica Financial Advisors LLC acquired a new stake in shares of Allegro MicroSystems during the second quarter worth $27,000. Rakuten Securities Inc. bought a new stake in Allegro MicroSystems in the 2nd quarter valued at $31,000. Parallel Advisors LLC boosted its stake in Allegro MicroSystems by 42.8% in the 1st quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock worth $32,000 after purchasing an additional 302 shares during the period. Continuum Advisory LLC acquired a new position in Allegro MicroSystems in the 2nd quarter worth $35,000. Finally, First Bancorp Inc ME bought a new position in Allegro MicroSystems during the 2nd quarter worth about $49,000. Institutional investors own 56.45% of the company’s stock.
About Allegro MicroSystems
Allegro MicroSystems, Inc is a semiconductor company that develops and manufactures magnetic sensing and power-management solutions. Its products are designed to help monitor motion, position, speed, current and temperature, as well as control power in electronic systems.
The company’s portfolio includes Hall-effect and other magnetic sensors, current sensors, motor drivers, regulators, LED drivers and related integrated circuits. These products are used in automotive applications such as advanced driver-assistance systems, vehicle electrification, powertrain systems, comfort features and safety systems, as well as in industrial and consumer equipment.
Founded in 1990 and headquartered in Manchester, New Hampshire, Allegro serves customers globally through its international operations and distribution network.
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