Allegro MicroSystems (NASDAQ:ALGM) Reaches New 12-Month High – Still a Buy?

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $51.66 and last traded at $49.7060, with a volume of 142793 shares. The stock had previously closed at $50.76.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ALGM shares. Jefferies Financial Group reaffirmed a “buy” rating and set a $62.00 target price on shares of Allegro MicroSystems in a research note on Thursday, May 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of Allegro MicroSystems in a research report on Wednesday, May 6th. Wells Fargo & Company upped their price target on Allegro MicroSystems from $48.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Barclays raised their price objective on Allegro MicroSystems from $46.00 to $48.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Finally, Evercore reiterated an “outperform” rating and set a $53.00 price objective on shares of Allegro MicroSystems in a research note on Friday, May 8th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and an average price target of $51.80.

Allegro MicroSystems Stock Performance

The firm has a market capitalization of $9.21 billion, a P/E ratio of -550.01 and a beta of 2.02. The company has a current ratio of 3.45, a quick ratio of 2.21 and a debt-to-equity ratio of 0.30. The business’s 50 day simple moving average is $39.41 and its two-hundred day simple moving average is $34.22.

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

Insiders Place Their Bets

In other Allegro MicroSystems news, Director Susan D. Lynch sold 16,711 shares of Allegro MicroSystems stock in a transaction 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 completion of the sale, the director owned 12,805 shares of the company’s stock, valued at approximately $582,115.30. This trade represents a 56.62% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Doogue sold 30,089 shares of the business’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $47.23, for a total value of $1,421,103.47. Following the completion of the transaction, the chief executive officer owned 252,797 shares of the company’s stock, valued at $11,939,602.31. This represents a 10.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 63,607 shares of company stock worth $2,950,114 in the last three months. Corporate insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Several large investors have recently bought and sold shares of the business. Bank of America Corp DE raised its position in Allegro MicroSystems by 48.3% in 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 during the last quarter. California State Teachers Retirement System boosted its holdings in shares of Allegro MicroSystems by 21.8% during the 1st quarter. California State Teachers Retirement System now owns 149,826 shares of the company’s stock valued at $4,724,000 after acquiring an additional 26,828 shares during the last quarter. Maverick Capital Ltd. purchased a new stake in shares of Allegro MicroSystems during the 1st quarter valued at about $1,331,000. Quantinno Capital Management LP grew its stake in shares of Allegro MicroSystems by 104.9% in the first quarter. Quantinno Capital Management LP now owns 133,902 shares of the company’s stock worth $4,222,000 after acquiring an additional 68,549 shares during the period. Finally, Castleark Management LLC bought a new stake in shares of Allegro MicroSystems in the first quarter worth approximately $4,648,000. 56.45% of the stock is currently owned by institutional investors.

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.