Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Free Report) dropped 10.1% during trading on Thursday . The company traded as low as $57.00 and last traded at $56.80. Approximately 1,214,527 shares traded hands during trading, a decline of 53% from the average daily volume of 2,609,700 shares. The stock had previously closed at $63.20.
Wall Street Analyst Weigh In
Several research firms have weighed in on ALGM. Jefferies Financial Group restated a “buy” rating and set a $62.00 price objective on shares of Allegro MicroSystems in a report on Thursday, May 7th. TD Cowen lifted their price objective on shares of Allegro MicroSystems from $55.00 to $70.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Evercore reissued an “outperform” rating and set a $53.00 target price on shares of Allegro MicroSystems in a research report on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Allegro MicroSystems in a report on Wednesday, May 6th. Finally, Wall Street Zen raised shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, June 21st. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $55.60.
View Our Latest Stock Report on Allegro MicroSystems
Allegro MicroSystems Price Performance
Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.01. The business had revenue of $243.19 million for the quarter, compared to analysts’ expectations of $235.94 million. Allegro MicroSystems had a positive return on equity of 6.09% and a negative net margin of 1.67%.The business’s revenue was up 26.1% on a year-over-year basis. During the same period last year, the business earned $0.06 EPS. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. On average, sell-side analysts anticipate that Allegro MicroSystems, Inc. will post 0.77 EPS for the current fiscal year.
Insider Activity at Allegro MicroSystems
In related news, Director Susan D. Lynch sold 16,711 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $45.46, for a total transaction of $759,682.06. Following the transaction, the director directly owned 12,805 shares of the company’s stock, valued at $582,115.30. This trade represents a 56.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Roald Graham Webster sold 5,217 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $44.88, for a total transaction of $234,138.96. Following the transaction, the chief accounting officer owned 13,106 shares in the company, valued at approximately $588,197.28. This trade represents a 28.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 68,607 shares of company stock valued at $3,213,714 over the last three months. Insiders own 0.50% of the company’s stock.
Hedge Funds Weigh In On Allegro MicroSystems
A number of hedge funds and other institutional investors have recently modified their holdings of ALGM. Lecap Asset Management Ltd. bought a new stake in Allegro MicroSystems during the fourth quarter worth $783,000. Royce & Associates LP bought a new position in Allegro MicroSystems in the 3rd quarter valued at $2,985,000. Norges Bank bought a new position in Allegro MicroSystems in the 4th quarter valued at $38,457,000. Capital Research Global Investors grew its stake in Allegro MicroSystems by 5.8% in the 3rd quarter. Capital Research Global Investors now owns 16,824,722 shares of the company’s stock valued at $491,282,000 after purchasing an additional 920,365 shares during the period. Finally, Lightrock Netherlands B.V. purchased a new stake in shares of Allegro MicroSystems during the 4th quarter valued at $9,349,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.
Allegro MicroSystems Company 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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