Allegro MicroSystems (NASDAQ:ALGM) Given New $57.00 Price Target at Needham & Company LLC

Allegro MicroSystems (NASDAQ:ALGM) had its target price raised by research analysts at Needham & Company LLC from $55.00 to $57.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Needham & Company LLC’s target price points to a potential upside of 40.41% from the stock’s current price.

Other research analysts have also issued research reports about the stock. UBS Group boosted their price objective on shares of Allegro MicroSystems from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Wall Street Zen downgraded shares of Allegro MicroSystems from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $62.00 price target on shares of Allegro MicroSystems in a report on Thursday, May 7th. TD Cowen reduced their price target on Allegro MicroSystems from $70.00 to $66.00 and set a “buy” rating on the stock in a research report on Monday, July 13th. Finally, 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 report on Friday, May 8th. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.40.

Allegro MicroSystems Stock Down 3.8%

ALGM traded down $1.61 on Thursday, hitting $40.59. The company had a trading volume of 3,720,268 shares, compared to its average volume of 2,628,690. The stock has a fifty day moving average price of $51.97 and a 200-day moving average price of $42.52. Allegro MicroSystems has a 12-month low of $22.41 and a 12-month high of $71.77. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.21 and a current ratio of 3.45. The stock has a market capitalization of $7.56 billion, a price-to-earnings ratio of -445.86 and a beta of 1.90.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.21 by $0.02. The business had revenue of $259.24 million during the quarter, compared to analyst estimates of $251.44 million. Allegro MicroSystems had a negative net margin of 1.67% and a positive return on equity of 6.09%. The company’s quarterly revenue was up 27.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.09 earnings per share. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. Analysts predict that Allegro MicroSystems will post 0.77 EPS for the current fiscal year.

Insider Buying and Selling

In other Allegro MicroSystems news, Director Susan D. Lynch sold 16,711 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $45.46, for a total value of $759,682.06. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Ian Kent sold 2,642 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $41.56, for a total transaction of $109,801.52. Following the completion of the transaction, the senior vice president directly owned 25,392 shares of the company’s stock, valued at approximately $1,055,291.52. This represents a 9.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 68,607 shares of company stock worth $3,213,714 over the last ninety days. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

Hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC raised its stake in Allegro MicroSystems by 42.8% in the 1st quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock worth $32,000 after acquiring an additional 302 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in Allegro MicroSystems during the 4th quarter valued at about $34,000. CIBC Private Wealth Group LLC grew its stake 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 last quarter. Caitong International Asset Management Co. Ltd increased its holdings in shares of Allegro MicroSystems by 85.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company’s stock valued at $38,000 after purchasing an additional 669 shares during the period. Finally, Farther Finance Advisors LLC increased its holdings in shares of Allegro MicroSystems by 815.4% in the fourth quarter. Farther Finance Advisors LLC now owns 2,142 shares of the company’s stock valued at $57,000 after purchasing an additional 1,908 shares during the period. 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.