Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $35.00

Allegro MicroSystems (NASDAQ:ALGM) had its target price increased by TD Cowen from $32.00 to $35.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. Zacks Research upgraded shares of Allegro MicroSystems to a “hold” rating in a research note on Monday, August 11th. Bank of America reduced their target price on shares of Allegro MicroSystems from $45.00 to $38.00 and set a “buy” rating for the company in a research note on Friday, September 5th. Wells Fargo & Company restated an “overweight” rating and issued a $42.00 target price (up previously from $33.00) on shares of Allegro MicroSystems in a research note on Wednesday, July 16th. UBS Group raised their target price on shares of Allegro MicroSystems from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Needham & Company LLC raised their target price on shares of Allegro MicroSystems from $25.00 to $37.00 and gave the stock a “buy” rating in a research note on Thursday, July 31st. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.10.

Allegro MicroSystems Stock Down 1.2%

Shares of NASDAQ:ALGM opened at $29.92 on Friday. The stock has a market cap of $5.54 billion, a P/E ratio of -80.86 and a beta of 1.72. The firm has a fifty day moving average price of $29.97 and a 200 day moving average price of $29.31. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.70 and a quick ratio of 2.26. Allegro MicroSystems has a 1-year low of $16.38 and a 1-year high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. Allegro MicroSystems had a negative net margin of 9.00% and a positive return on equity of 2.09%. The firm had revenue of $214.29 million during the quarter, compared to analysts’ expectations of $210.75 million. During the same quarter in the prior year, the business earned $0.08 EPS. Allegro MicroSystems’s quarterly revenue was up 14.4% compared to the same quarter last year. Allegro MicroSystems has set its Q3 2026 guidance at 0.120-0.160 EPS. Sell-side analysts predict that Allegro MicroSystems will post 0.01 EPS for the current year.

Insider Activity

In other news, CAO Roald Graham Webster sold 8,266 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $32.81, for a total value of $271,207.46. Following the completion of 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Allegro MicroSystems

A number of large investors have recently made changes to their positions in ALGM. Quent Capital LLC purchased a new position in Allegro MicroSystems during the 3rd quarter valued at about $28,000. UMB Bank n.a. increased its holdings in Allegro MicroSystems by 29.2% during the 2nd quarter. UMB Bank n.a. now owns 1,835 shares of the company’s stock valued at $63,000 after acquiring an additional 415 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in Allegro MicroSystems during the 1st quarter valued at about $71,000. Nisa Investment Advisors LLC increased its holdings in Allegro MicroSystems by 158.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,210 shares of the company’s stock valued at $76,000 after acquiring an additional 1,356 shares in the last quarter. Finally, Summit Securities Group LLC increased its holdings in Allegro MicroSystems by 257.8% during the 1st quarter. Summit Securities Group LLC now owns 4,000 shares of the company’s stock valued at $101,000 after acquiring an additional 2,882 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

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.