Allegro MicroSystems (NASDAQ:ALGM) Stock Price Up 6.6% – Here’s What Happened

Allegro MicroSystems, Inc. (NASDAQ:ALGM) shares traded up 6.6% during trading on Wednesday . The company traded as high as $53.46 and last traded at $53.6270. 1,638,851 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 2,434,656 shares. The stock had previously closed at $50.33.

Wall Street Analyst Weigh In

ALGM has been the subject of several analyst reports. Mizuho raised their price target on shares of Allegro MicroSystems from $44.00 to $54.00 and gave the company an “outperform” rating in a research report on Friday, May 8th. Wells Fargo & Company upped their price objective on Allegro MicroSystems from $48.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Jefferies Financial Group restated a “buy” rating and set a $62.00 target price on shares of Allegro MicroSystems in a research note on Thursday, May 7th. UBS Group boosted their price target on Allegro MicroSystems from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Finally, Needham & Company LLC increased their price objective on shares of Allegro MicroSystems from $45.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.80.

Allegro MicroSystems Price Performance

The company has a current ratio of 3.45, a quick ratio of 2.21 and a debt-to-equity ratio of 0.30. The stock’s 50-day moving average is $42.05 and its two-hundred day moving average is $35.40. The company has a market capitalization of $9.20 billion, a PE ratio of -549.79 and a beta of 1.98.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, May 7th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.01. The business had revenue of $243.19 million during the quarter, compared to the consensus estimate 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 for the quarter was up 26.1% compared to the same quarter last year. During the same period last year, the company earned $0.06 earnings per share. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. On average, equities analysts predict that Allegro MicroSystems, Inc. will post 0.77 EPS for the current year.

Insider Activity

In other Allegro MicroSystems news, Director Susan D. Lynch sold 16,711 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $45.46, for a total value of $759,682.06. Following the completion of the transaction, the director directly owned 12,805 shares in the company, valued at approximately $582,115.30. The trade was a 56.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Richard Madormo sold 5,000 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $52.72, for a total value of $263,600.00. Following 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 disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 68,607 shares of company stock valued at $3,213,714. Company insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hantz Financial Services Inc. raised its position in Allegro MicroSystems by 86.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock worth $26,000 after buying an additional 419 shares during the last quarter. Parallel Advisors LLC lifted its holdings in Allegro MicroSystems by 42.8% during the first quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock valued at $32,000 after purchasing an additional 302 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in Allegro MicroSystems in the 4th quarter worth about $34,000. CIBC Private Wealth Group LLC boosted its stake in shares of Allegro MicroSystems by 14,844.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock worth $35,000 after acquiring an additional 1,336 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake in Allegro MicroSystems by 85.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company’s stock worth $38,000 after purchasing an additional 669 shares during the last quarter. 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.