Allegro MicroSystems (NASDAQ:ALGM) Sets New 12-Month High – Here’s What Happened

Allegro MicroSystems, Inc. (NASDAQ:ALGM) shares hit a new 52-week high on Monday . The stock traded as high as $62.48 and last traded at $63.0020, with a volume of 675287 shares trading hands. The stock had previously closed at $57.89.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ALGM shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Allegro MicroSystems in a research note on Wednesday, May 6th. Jefferies Financial Group restated a “buy” rating and set a $62.00 price objective on shares of Allegro MicroSystems in a report on Thursday, May 7th. Mizuho increased their price objective on shares of Allegro MicroSystems from $54.00 to $67.00 and gave the company an “outperform” rating in a research report on Monday. Evercore reiterated an “outperform” rating and issued a $53.00 target price on shares of Allegro MicroSystems in a research note on Friday, May 8th. Finally, Wells Fargo & Company boosted their target price on shares of Allegro MicroSystems from $48.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Ten equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Allegro MicroSystems currently has an average rating of “Moderate Buy” and a consensus price target of $55.60.

Allegro MicroSystems Stock Performance

The company has a market capitalization of $12.38 billion, a PE ratio of -737.58 and a beta of 1.98. 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’s fifty day simple moving average is $48.31 and its 200 day simple moving average is $38.51.

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

Insider Activity at Allegro MicroSystems

In other news, Director Susan D. Lynch sold 16,711 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $45.46, for a total value of $759,682.06. Following the transaction, the director owned 12,805 shares in the company, valued at $582,115.30. This trade represents a 56.62% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Roald Graham Webster sold 5,217 shares of Allegro MicroSystems stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $44.88, for a total transaction of $234,138.96. Following the sale, the chief accounting officer directly owned 13,106 shares in the company, valued at approximately $588,197.28. This trade represents a 28.47% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 68,607 shares of company stock valued at $3,213,714 in the last three months. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALGM. Parallel Advisors LLC increased its position in Allegro MicroSystems by 42.8% during the first quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock worth $32,000 after purchasing an additional 302 shares during the last quarter. Bank of America Corp DE lifted its holdings in Allegro MicroSystems by 48.3% during the 1st quarter. Bank of America Corp DE now owns 855,453 shares of the company’s stock worth $26,972,000 after buying an additional 278,798 shares in the last quarter. California State Teachers Retirement System grew its stake in Allegro MicroSystems by 21.8% during the 1st quarter. California State Teachers Retirement System now owns 149,826 shares of the company’s stock worth $4,724,000 after purchasing an additional 26,828 shares in the last quarter. Maverick Capital Ltd. purchased a new stake in shares of Allegro MicroSystems during the first quarter worth approximately $1,331,000. Finally, Quantinno Capital Management LP raised its holdings in shares of Allegro MicroSystems by 104.9% in the 1st quarter. Quantinno Capital Management LP now owns 133,902 shares of the company’s stock valued at $4,222,000 after purchasing an additional 68,549 shares in the last quarter. Institutional investors and hedge funds 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.