State of Wyoming Makes New Investment in Allegro MicroSystems, Inc. $ALGM

State of Wyoming acquired a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 32,269 shares of the company’s stock, valued at approximately $2,247,000.

A number of other hedge funds also recently made changes to their positions in ALGM. Parallel Advisors LLC increased its holdings in shares of Allegro MicroSystems by 42.8% during 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 acquired a new stake in Allegro MicroSystems during the 4th quarter valued at $34,000. CIBC Private Wealth Group LLC lifted its holdings 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 boosted its position in Allegro MicroSystems by 85.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company’s stock worth $38,000 after purchasing an additional 669 shares during the period. Finally, Farther Finance Advisors LLC boosted its position in Allegro MicroSystems by 815.4% during the fourth quarter. Farther Finance Advisors LLC now owns 2,142 shares of the company’s stock worth $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.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Needham & Company LLC increased their price objective on shares of Allegro MicroSystems from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. UBS Group lifted their target price on shares of Allegro MicroSystems from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Morgan Stanley upped their price target on shares of Allegro MicroSystems from $51.00 to $52.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Jefferies Financial Group reissued a “buy” rating and issued a $62.00 price target on shares of Allegro MicroSystems in a report on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.45.

Insiders Place Their Bets

In related news, CAO Roald Graham Webster sold 5,217 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $44.88, for a total value of $234,138.96. Following the sale, the chief accounting officer directly owned 13,106 shares of the company’s stock, valued at $588,197.28. This trade represents a 28.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Richard Madormo sold 5,000 shares of Allegro MicroSystems stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $52.72, for a total value of $263,600.00. Following the completion of the transaction, the senior vice president owned 69,687 shares in the company, valued at approximately $3,673,898.64. This represents a 6.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 15,144 shares of company stock valued at $708,972. 0.50% of the stock is owned by corporate insiders.

Allegro MicroSystems Stock Up 0.6%

NASDAQ ALGM opened at $44.39 on Friday. The business has a fifty day moving average price of $50.48 and a two-hundred day moving average price of $43.29. The stock has a market capitalization of $8.27 billion, a PE ratio of 739.96, a PEG ratio of 1.40 and a beta of 1.94. Allegro MicroSystems, Inc. has a fifty-two week low of $22.41 and a fifty-two week high of $71.77. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.70 and a quick ratio of 2.33.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.02. Allegro MicroSystems had a return on equity of 8.30% and a net margin of 1.50%.The company had revenue of $259.24 million for the quarter, compared to analyst estimates of $251.44 million. During the same quarter last year, the company posted $0.09 EPS. The company’s revenue for the quarter was up 27.5% compared to the same quarter last year. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. Equities analysts expect that Allegro MicroSystems, Inc. will post 0.65 earnings per share for the current fiscal year.

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.