Castleark Management LLC Takes Position in Allegro MicroSystems, Inc. $ALGM

Castleark Management LLC bought a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 141,900 shares of the company’s stock, valued at approximately $9,879,000.

A number of other large investors also recently added to or reduced their stakes in ALGM. Rakuten Securities Inc. bought a new position in shares of Allegro MicroSystems during the second quarter valued at about $31,000. Parallel Advisors LLC lifted its stake in shares of Allegro MicroSystems by 42.8% in the 1st quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock valued at $32,000 after acquiring an additional 302 shares during the last quarter. Harbor Investment Advisory LLC bought a new stake in shares of Allegro MicroSystems in the 2nd quarter valued at about $72,000. Kestra Advisory Services LLC purchased a new stake in Allegro MicroSystems during the 4th quarter valued at about $34,000. Finally, Quantbot Technologies LP purchased a new stake in Allegro MicroSystems during the 2nd quarter valued at about $89,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Erin Hagen sold 2,285 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $44.39, for a total value of $101,431.15. Following the completion of the sale, the senior vice president owned 31,052 shares of the company’s stock, valued at $1,378,398.28. This trade represents a 6.85% decrease in their ownership of the stock. The sale was disclosed in a legal 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 on Wednesday, June 3rd. The shares were sold at an average price of $52.72, for a total transaction of $263,600.00. Following the completion of the sale, the senior vice president owned 69,687 shares in the company, valued at approximately $3,673,898.64. This trade represents a 6.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.50% of the company’s stock.

Allegro MicroSystems Trading Up 5.1%

ALGM opened at $37.44 on Wednesday. The business has a 50 day simple moving average of $48.95 and a two-hundred day simple moving average of $43.46. The firm has a market capitalization of $6.98 billion, a price-to-earnings ratio of 624.10, a PEG ratio of 1.12 and a beta of 1.94. 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, Inc. has a one year low of $22.41 and a one year high of $71.77.

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

Analyst Ratings Changes

A number of equities analysts have commented on ALGM shares. UBS Group lifted their price target on Allegro MicroSystems from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, May 8th. Needham & Company LLC increased their price objective on Allegro MicroSystems from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. TD Cowen decreased their target price on shares of Allegro MicroSystems from $66.00 to $48.00 and set a “buy” rating on the stock in a research note on Friday, July 31st. Finally, Benchmark assumed coverage on shares of Allegro MicroSystems in a report on Wednesday, August 12th. They set a “buy” rating and a $60.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average price target of $53.45.

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.