Allegro MicroSystems, Inc. $ALGM Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp boosted its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 2,377.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 29,063 shares of the company’s stock after purchasing an additional 27,890 shares during the period. Fifth Third Bancorp’s holdings in Allegro MicroSystems were worth $916,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC grew its stake in shares of Allegro MicroSystems by 3.0% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 14,268 shares of the company’s stock valued at $376,000 after buying an additional 419 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted 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 acquiring an additional 669 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in Allegro MicroSystems by 2.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 25,437 shares of the company’s stock worth $802,000 after acquiring an additional 700 shares in the last quarter. Bank of Montreal Can boosted its holdings in Allegro MicroSystems by 5.8% during the 4th quarter. Bank of Montreal Can now owns 14,075 shares of the company’s stock valued at $371,000 after acquiring an additional 770 shares during the period. Finally, Alps Advisors Inc. boosted its holdings in Allegro MicroSystems by 2.8% during the 4th quarter. Alps Advisors Inc. now owns 29,789 shares of the company’s stock valued at $786,000 after acquiring an additional 806 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

ALGM stock opened at $46.03 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.45 and a quick ratio of 2.21. The firm has a market capitalization of $8.58 billion, a P/E ratio of -511.39 and a beta of 1.90. The business’s 50-day moving average is $51.85 and its two-hundred day moving average is $42.24. Allegro MicroSystems, Inc. has a 1 year low of $22.41 and a 1 year high of $71.77.

Allegro MicroSystems (NASDAQ:ALGM) last announced 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 analysts’ expectations of $235.94 million. During the same quarter last year, the business posted $0.06 EPS. The business’s quarterly revenue was up 26.1% compared to the same quarter last year. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. Analysts anticipate that Allegro MicroSystems, Inc. will post 0.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Richard Madormo sold 5,000 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $52.72, for a total value of $263,600.00. Following the transaction, the senior vice president owned 69,687 shares of the company’s stock, valued at $3,673,898.64. This represents a 6.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Michael Doogue sold 30,089 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $47.23, for a total value of $1,421,103.47. Following the completion of the sale, the chief executive officer owned 252,797 shares in the company, valued at approximately $11,939,602.31. This represents a 10.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 68,607 shares of company stock worth $3,213,714. Corporate insiders own 0.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ALGM. Needham & Company LLC boosted their price target on shares of Allegro MicroSystems from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Wells Fargo & Company raised their price objective on shares of Allegro MicroSystems from $48.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Allegro MicroSystems in a report on Wednesday, May 6th. Barclays downgraded shares of Allegro MicroSystems from an “overweight” rating to an “equal weight” rating and set a $48.00 target price on the stock. in a research note on Monday, July 20th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $62.00 target price on shares of Allegro MicroSystems in a report on Thursday, May 7th. Nine investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and an average price target of $55.20.

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.