Allegro MicroSystems (NASDAQ:ALGM) SVP Richard Madormo Sells 5,000 Shares

Allegro MicroSystems, Inc. (NASDAQ:ALGM) SVP Richard Madormo sold 5,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $52.72, for a total value of $263,600.00. Following the completion of 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 Securities & Exchange Commission, which is available at this hyperlink.

Allegro MicroSystems Stock Up 1.0%

Shares of ALGM opened at $53.62 on Friday. Allegro MicroSystems, Inc. has a 52 week low of $22.41 and a 52 week high of $54.40. The company has a quick ratio of 2.21, a current ratio of 3.45 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $9.99 billion, a price-to-earnings ratio of -595.71 and a beta of 1.98. The stock’s 50-day moving average price is $42.05 and its 200-day moving average price is $35.40.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, May 7th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. Allegro MicroSystems had a positive return on equity of 6.09% and a negative net margin of 1.67%.The firm had revenue of $243.19 million for the quarter, compared to the consensus estimate of $235.94 million. During the same quarter in the prior year, the business earned $0.06 earnings per share. The company’s revenue was up 26.1% compared to the same quarter last year. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. On average, sell-side analysts predict that Allegro MicroSystems, Inc. will post 0.77 EPS for the current year.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds have recently made changes to their positions in ALGM. Bank of America Corp DE raised its holdings in shares of Allegro MicroSystems by 136.6% during the third quarter. Bank of America Corp DE now owns 952,679 shares of the company’s stock valued at $27,818,000 after acquiring an additional 3,556,410 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Allegro MicroSystems by 44.0% during the fourth quarter. Invesco Ltd. now owns 7,651,051 shares of the company’s stock valued at $201,835,000 after acquiring an additional 2,338,624 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Allegro MicroSystems by 189.4% in the second quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company’s stock valued at $94,360,000 after purchasing an additional 1,806,183 shares during the last quarter. Norges Bank acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $38,457,000. Finally, Adage Capital Partners GP L.L.C. increased its holdings in shares of 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 purchasing an additional 1,227,317 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ALGM. Morgan Stanley upgraded Allegro MicroSystems from an “equal weight” rating to an “overweight” rating and set a $51.00 price target on the stock in a research report on Friday, February 13th. Barclays increased their price target on Allegro MicroSystems from $46.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. UBS Group increased their price target on Allegro MicroSystems from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Jefferies Financial Group reiterated a “buy” rating and set a $62.00 price target on shares of Allegro MicroSystems in a research report on Thursday, May 7th. Finally, Wells Fargo & Company increased their price target on Allegro MicroSystems from $48.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.80.

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.