Allegro MicroSystems (NASDAQ:ALGM) Cut to “Hold” at Wall Street Zen

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

A number of other analysts have also recently commented on the company. TD Cowen lowered their price target on Allegro MicroSystems from $70.00 to $66.00 and set a “buy” rating for the company in a research report on Monday, July 13th. UBS Group raised their price objective on Allegro MicroSystems from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Evercore reaffirmed an “outperform” rating and set a $53.00 price target on shares of Allegro MicroSystems in a report on Friday, May 8th. Mizuho lifted their price target on shares of Allegro MicroSystems from $54.00 to $67.00 and gave the stock an “outperform” rating in a research note on Monday, June 29th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $62.00 price objective on shares of Allegro MicroSystems in a research note on Thursday, May 7th. Nine investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.20.

Allegro MicroSystems Stock Down 8.1%

ALGM opened at $46.03 on Friday. The company has a market capitalization of $8.58 billion, a PE ratio of -511.39 and a beta of 1.90. The firm has a 50-day simple moving average of $51.85 and a two-hundred day simple moving average of $42.14. The company has a quick ratio of 2.21, a current ratio of 3.45 and a debt-to-equity ratio of 0.30. Allegro MicroSystems has a 52 week low of $22.41 and a 52 week high of $71.77.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, May 7th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.01. Allegro MicroSystems had a positive return on equity of 6.09% and a negative net margin of 1.67%.The business had revenue of $243.19 million during the quarter, compared to analyst estimates of $235.94 million. During the same period last year, the company earned $0.06 EPS. The company’s revenue for the quarter was up 26.1% on a year-over-year basis. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. Analysts forecast that Allegro MicroSystems will post 0.77 earnings per share for the current fiscal year.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, CEO Michael Doogue sold 30,089 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $47.23, for a total transaction of $1,421,103.47. Following the transaction, the chief executive officer directly owned 252,797 shares of the company’s stock, valued at $11,939,602.31. The trade was a 10.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Sharon Briansky sold 8,948 shares of Allegro MicroSystems stock in a transaction on Monday, May 11th. The shares were sold at an average price of $47.54, for a total transaction of $425,387.92. Following the transaction, the senior vice president owned 75,232 shares in the company, valued at $3,576,529.28. The trade was a 10.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 68,607 shares of company stock valued at $3,213,714 in the last three months. 0.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors have recently made changes to their positions in ALGM. Parallel Advisors LLC grew its holdings in shares of 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 during the last quarter. Harbor Investment Advisory LLC bought a new stake in shares of Allegro MicroSystems in the 2nd quarter worth approximately $72,000. Kestra Advisory Services LLC acquired a new position in Allegro MicroSystems during the 4th quarter valued at approximately $34,000. CIBC Private Wealth Group LLC boosted its position in Allegro MicroSystems by 14,844.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock valued at $35,000 after purchasing an additional 1,336 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew 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 buying an additional 669 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

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.