Man Group plc Makes New $6.62 Million Investment in Allegro MicroSystems, Inc. $ALGM

Man Group plc purchased a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the second quarter, HoldingsChannel reports. The firm purchased 95,101 shares of the company’s stock, valued at approximately $6,621,000.

Several other hedge funds have also added to or reduced their stakes in the business. Rakuten Securities Inc. bought a new position in shares of Allegro MicroSystems in the second quarter valued at about $31,000. Parallel Advisors LLC boosted its holdings in shares of Allegro MicroSystems by 42.8% during the 1st quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock worth $32,000 after buying an additional 302 shares during the period. Kestra Advisory Services LLC acquired a new position in Allegro MicroSystems in the 4th quarter valued at about $34,000. CIBC Private Wealth Group LLC grew its stake in Allegro MicroSystems by 14,844.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock valued at $35,000 after buying an additional 1,336 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Allegro MicroSystems by 85.8% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company’s stock valued at $38,000 after acquiring an additional 669 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

Analysts Set New Price Targets

ALGM has been the subject of several research reports. Mizuho dropped their price target on Allegro MicroSystems from $67.00 to $58.00 and set an “outperform” rating for the company in a report on Friday, July 31st. Wall Street Zen upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. Evercore reissued an “outperform” rating and set a $53.00 target price on shares of Allegro MicroSystems in a report on Friday, May 8th. Wells Fargo & Company boosted their target price on shares of Allegro MicroSystems from $48.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Finally, Needham & Company LLC boosted their target price on shares of Allegro MicroSystems from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $53.45.

Allegro MicroSystems Stock Down 4.8%

Shares of ALGM opened at $35.77 on Friday. Allegro MicroSystems, Inc. has a one year low of $22.41 and a one year high of $71.77. The company has a market cap of $6.67 billion, a P/E ratio of 596.27, a P/E/G ratio of 1.13 and a beta of 1.94. 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 firm has a 50 day simple moving average of $47.71 and a two-hundred day simple moving average of $43.37.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, July 30th. The company reported $0.23 earnings per share 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 company had revenue of $259.24 million for the quarter, compared to the consensus estimate of $251.44 million. During the same period last year, the company posted $0.09 EPS. The firm’s quarterly revenue was up 27.5% compared to the same quarter last year. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. Research analysts forecast that Allegro MicroSystems, Inc. will post 0.65 EPS for the current fiscal year.

Insider Buying and Selling

In other Allegro MicroSystems news, SVP Richard Madormo sold 5,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $52.72, for a total transaction of $263,600.00. Following the completion of the sale, the senior vice president owned 69,687 shares of the company’s stock, valued at approximately $3,673,898.64. This represents a 6.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Erin Hagen sold 2,285 shares of Allegro MicroSystems stock in a transaction on Monday, August 10th. The stock was sold at an average price of $44.39, for a total transaction of $101,431.15. Following the transaction, the senior vice president directly owned 31,052 shares of the company’s stock, 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 own 0.50% of the company’s stock.

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.