Bank of America Cuts Allegro MicroSystems (NASDAQ:ALGM) Price Target to $38.00

Allegro MicroSystems (NASDAQ:ALGM) had its target price trimmed by Bank of America from $45.00 to $38.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts also recently weighed in on the company. Morgan Stanley cut their target price on Allegro MicroSystems from $38.00 to $35.00 and set an “equal weight” rating for the company in a research report on Friday, August 1st. UBS Group upped their target price on Allegro MicroSystems from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Monday, July 7th. Wall Street Zen upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Saturday, August 2nd. Mizuho upped their price objective on Allegro MicroSystems from $37.00 to $40.00 and gave the stock an “outperform” rating in a research report on Friday, August 1st. Finally, Zacks Research upgraded Allegro MicroSystems to a “hold” rating in a research report on Monday, August 11th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.78.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $30.57 on Friday. The stock has a fifty day moving average price of $33.07 and a 200-day moving average price of $27.81. The company has a market cap of $5.66 billion, a price-to-earnings ratio of -82.62 and a beta of 1.74. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.26 and a current ratio of 3.70. Allegro MicroSystems has a fifty-two week low of $16.38 and a fifty-two week high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.09. The firm had revenue of $203.41 million during the quarter, compared to the consensus estimate of $197.82 million. Allegro MicroSystems had a positive return on equity of 2.09% and a negative net margin of 9.00%.The company’s revenue was up 21.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.03 EPS. Allegro MicroSystems has set its Q2 2026 guidance at 0.100-0.140 EPS. As a group, equities analysts anticipate that Allegro MicroSystems will post 0.01 EPS for the current fiscal year.

Insider Transactions at Allegro MicroSystems

In other news, CAO Roald Graham Webster sold 8,266 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $32.81, for a total value of $271,207.46. Following the transaction, the chief accounting officer owned 17,300 shares in the company, valued at $567,613. This trade represents a 32.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.40% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Hedge funds have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in shares of Allegro MicroSystems by 34.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 79,464 shares of the company’s stock valued at $1,738,000 after purchasing an additional 20,336 shares during the period. Northern Trust Corp boosted its holdings in shares of Allegro MicroSystems by 13.6% in the 4th quarter. Northern Trust Corp now owns 1,074,433 shares of the company’s stock worth $23,487,000 after purchasing an additional 128,726 shares in the last quarter. Deutsche Bank AG boosted its holdings in shares of Allegro MicroSystems by 295.9% in the 4th quarter. Deutsche Bank AG now owns 26,237 shares of the company’s stock worth $574,000 after purchasing an additional 19,609 shares in the last quarter. Frontier Capital Management Co. LLC purchased a new stake in Allegro MicroSystems during the 4th quarter valued at about $1,994,000. Finally, Kettle Hill Capital Management LLC purchased a new stake in Allegro MicroSystems during the 4th quarter valued at about $17,991,000. 56.45% of the stock is currently owned by institutional investors.

About Allegro MicroSystems

Allegro MicroSystems, Inc, together with its subsidiaries, 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, regulator and LED driver ICs, and isolated gate drivers.