Allegro MicroSystems (NASDAQ:ALGM) Updates Q1 2022 Earnings Guidance

Allegro MicroSystems (NASDAQ:ALGMGet Rating) issued an update on its first quarter 2022 earnings guidance on Monday morning. The company provided earnings per share guidance of $0.22-$0.23 for the period, compared to the consensus earnings per share estimate of $0.22. The company issued revenue guidance of $205.00 million-$210.00 million, compared to the consensus revenue estimate of $205.28 million.Allegro MicroSystems also updated its Q1 guidance to $0.22-0.23 EPS.

Shares of ALGM stock traded down $1.16 during trading on Tuesday, reaching $22.79. The company’s stock had a trading volume of 17,780 shares, compared to its average volume of 586,030. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.65 and a quick ratio of 3.87. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of 45.19 and a beta of 1.61. The stock’s 50-day moving average price is $26.26 and its 200 day moving average price is $29.50. Allegro MicroSystems has a 1-year low of $22.05 and a 1-year high of $38.28.

Allegro MicroSystems (NASDAQ:ALGMGet Rating) last announced its quarterly earnings data on Tuesday, May 10th. The company reported $0.21 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.21. The firm had revenue of $200.30 million during the quarter, compared to analysts’ expectations of $195.18 million. Allegro MicroSystems had a net margin of 15.24% and a return on equity of 18.83%. The business’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.14 earnings per share. On average, sell-side analysts anticipate that Allegro MicroSystems will post 0.69 EPS for the current fiscal year.

A number of research analysts recently weighed in on ALGM shares. Mizuho dropped their price objective on shares of Allegro MicroSystems from $45.00 to $44.00 and set a buy rating for the company in a report on Wednesday, April 20th. Barclays lowered their price target on shares of Allegro MicroSystems from $35.00 to $31.00 and set an overweight rating for the company in a report on Monday, April 25th. Finally, Zacks Investment Research cut shares of Allegro MicroSystems from a buy rating to a hold rating in a report on Tuesday, April 5th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Allegro MicroSystems has a consensus rating of Buy and a consensus price target of $37.33.

In other news, SVP Michael Doogue sold 7,500 shares of the company’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $29.04, for a total value of $217,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 26.90% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in ALGM. Thrivent Financial for Lutherans purchased a new position in shares of Allegro MicroSystems in the 4th quarter valued at about $13,934,000. Bank of New York Mellon Corp grew its stake in Allegro MicroSystems by 29.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 187,172 shares of the company’s stock valued at $5,983,000 after acquiring an additional 42,565 shares during the last quarter. Sei Investments Co. grew its stake in Allegro MicroSystems by 279.6% in the 4th quarter. Sei Investments Co. now owns 162,224 shares of the company’s stock valued at $5,861,000 after acquiring an additional 119,485 shares during the last quarter. D. E. Shaw & Co. Inc. grew its stake in Allegro MicroSystems by 4.4% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 155,810 shares of the company’s stock valued at $5,637,000 after acquiring an additional 6,557 shares during the last quarter. Finally, Norges Bank acquired a new stake in Allegro MicroSystems in the 4th quarter valued at about $5,312,000. Hedge funds and other institutional investors own 46.35% of the company’s stock.

About Allegro MicroSystems (Get Rating)

Allegro MicroSystems, Inc designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; and power ICs comprising motor driver ICs, and regulator and LED driver ICs, as well as photonic and 3D sensing components, including photodiodes, eye-safe lasers and rangefinders, and readout ICs for LiDAR applications.

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Earnings History and Estimates for Allegro MicroSystems (NASDAQ:ALGM)

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