Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives $54.30 Consensus Target Price from Analysts

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been assigned a consensus rating of “Moderate Buy” from the twelve analysts that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $55.60.

ALGM has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, June 21st. Jefferies Financial Group reiterated a “buy” rating and issued a $62.00 target price on shares of Allegro MicroSystems in a research note on Thursday, May 7th. TD Cowen lifted their target price on shares of Allegro MicroSystems from $55.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. Wells Fargo & Company lifted their target price on shares of Allegro MicroSystems from $48.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Finally, Mizuho lifted their target price on shares of Allegro MicroSystems from $54.00 to $67.00 and gave the company an “outperform” rating in a research note on Monday.

Insider Transactions at Allegro MicroSystems

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

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors have recently modified their holdings of ALGM. Bank of America Corp DE raised its position in shares of Allegro MicroSystems by 136.6% in the third quarter. Bank of America Corp DE now owns 952,679 shares of the company’s stock valued at $27,818,000 after purchasing an additional 3,556,410 shares during the period. Invesco Ltd. raised its position in shares of Allegro MicroSystems by 44.0% in the fourth quarter. Invesco Ltd. now owns 7,651,051 shares of the company’s stock valued at $201,835,000 after purchasing an additional 2,338,624 shares during the period. Alliancebernstein L.P. raised its position in shares of Allegro MicroSystems by 189.4% in the second quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company’s stock valued at $94,360,000 after purchasing an additional 1,806,183 shares during the period. Norges Bank bought a new position in shares of Allegro MicroSystems in the fourth quarter valued at approximately $38,457,000. Finally, Adage Capital Partners GP L.L.C. raised its position in shares of Allegro MicroSystems by 77.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,803,944 shares of the company’s stock valued at $73,968,000 after purchasing an additional 1,227,317 shares during the period. Institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $66.37 on Thursday. The company’s 50 day moving average price is $48.87 and its 200 day moving average price is $38.77. Allegro MicroSystems has a 52 week low of $22.41 and a 52 week high of $67.41. The company has a market capitalization of $12.37 billion, a PE ratio of -737.36 and a beta of 1.98. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.21 and a current ratio of 3.45.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. The firm had revenue of $243.19 million for 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 firm’s revenue was up 26.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.06 earnings per share. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. Research analysts expect that Allegro MicroSystems will post 0.77 EPS for the current fiscal year.

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.