Allegro MicroSystems (NASDAQ:ALGM) Downgraded to Hold Rating by Wall Street Zen

Allegro MicroSystems (NASDAQ:ALGM) was downgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

Other equities analysts have also recently issued research reports about the stock. TD Cowen raised their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Evercore ISI increased their price objective on Allegro MicroSystems from $37.00 to $49.00 and gave the company an “outperform” rating in a research note on Friday, October 31st. Cowen reissued a “buy” rating on shares of Allegro MicroSystems in a research note on Friday, October 31st. UBS Group upped their price target on Allegro MicroSystems from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Finally, Barclays increased their price target on Allegro MicroSystems from $30.00 to $35.00 and gave the company an “overweight” rating in a research report on Friday, October 31st. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $38.78.

Allegro MicroSystems Stock Down 0.0%

Shares of NASDAQ ALGM opened at $31.29 on Friday. The company has a quick ratio of 2.48, a current ratio of 3.89 and a debt-to-equity ratio of 0.30. The business’s 50 day moving average is $26.97 and its two-hundred day moving average is $30.03. Allegro MicroSystems has a 52-week low of $16.38 and a 52-week high of $38.45. The firm has a market cap of $5.79 billion, a price-to-earnings ratio of -195.56 and a beta of 1.61.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, October 30th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. Allegro MicroSystems had a positive return on equity of 2.90% and a negative net margin of 3.60%.The business had revenue of $214.29 million during the quarter, compared to analysts’ expectations of $210.75 million. During the same period in the previous year, the firm posted $0.08 earnings per share. The company’s revenue was up 14.4% on a year-over-year basis. Allegro MicroSystems has set its Q3 2026 guidance at 0.120-0.160 EPS. Research analysts predict that Allegro MicroSystems will post 0.01 EPS for the current year.

Hedge Funds Weigh In On Allegro MicroSystems

Several hedge funds have recently made changes to their positions in ALGM. Royal Bank of Canada lifted its holdings in shares of Allegro MicroSystems by 70.0% in the 1st quarter. Royal Bank of Canada now owns 117,923 shares of the company’s stock valued at $2,964,000 after purchasing an additional 48,554 shares during the last quarter. AQR Capital Management LLC acquired a new position in Allegro MicroSystems during the first quarter worth approximately $325,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Allegro MicroSystems by 12.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 157,197 shares of the company’s stock worth $3,950,000 after buying an additional 16,952 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Allegro MicroSystems by 31.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company’s stock valued at $8,911,000 after buying an additional 85,607 shares during the last quarter. Finally, Voya Investment Management LLC boosted its holdings in shares of Allegro MicroSystems by 4,384.6% in the first quarter. Voya Investment Management LLC now owns 669,012 shares of the company’s stock valued at $16,812,000 after acquiring an additional 654,094 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

About Allegro MicroSystems

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.