Allegro MicroSystems (NASDAQ:ALGM) Downgraded to “Equal Weight” Rating by Barclays

Allegro MicroSystems (NASDAQ:ALGM) was downgraded by equities researchers at Barclays from an “overweight” rating to an “equal weight” rating in a note issued to investors on Monday, Marketbeat Ratings reports. They currently have a $48.00 price target on the stock. Barclays‘s price objective indicates a potential upside of 3.27% from the company’s previous close.

Other research analysts also recently issued reports about the stock. Wall Street Zen raised shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, June 21st. UBS Group upped their target price on shares of Allegro MicroSystems from $52.00 to $55.00 and gave the company a “buy” rating in a report on Friday, May 8th. Evercore reiterated an “outperform” rating and set a $53.00 target price on shares of Allegro MicroSystems in a research note on Friday, May 8th. Wells Fargo & Company raised their price target on Allegro MicroSystems from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Finally, TD Cowen dropped 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. Nine analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and an average price target of $55.20.

Allegro MicroSystems Stock Performance

ALGM opened at $46.48 on Monday. The company has a quick ratio of 2.21, a current ratio of 3.45 and a debt-to-equity ratio of 0.30. Allegro MicroSystems has a 52 week low of $22.41 and a 52 week high of $71.77. The business’s 50 day moving average is $51.58 and its two-hundred day moving average is $41.48. The firm has a market cap of $8.66 billion, a price-to-earnings ratio of -516.39 and a beta of 1.90.

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

Insider Activity at Allegro MicroSystems

In other news, CEO Michael Doogue sold 30,089 shares of Allegro MicroSystems stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $47.23, for a total value of $1,421,103.47. Following the sale, the chief executive officer owned 252,797 shares of the company’s stock, valued at $11,939,602.31. The trade was a 10.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Susan D. Lynch sold 16,711 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $45.46, for a total transaction of $759,682.06. Following the transaction, the director owned 12,805 shares in the company, valued at approximately $582,115.30. This trade represents a 56.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 68,607 shares of company stock worth $3,213,714 in the last 90 days. Corporate insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its position in 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 purchasing an additional 302 shares during the period. Kestra Advisory Services LLC acquired a new stake in shares of Allegro MicroSystems in the 4th quarter valued at approximately $34,000. CIBC Private Wealth Group LLC boosted its stake in shares of Allegro MicroSystems by 14,844.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock valued at $35,000 after buying an additional 1,336 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake 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 buying an additional 669 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its holdings 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 acquiring an additional 1,908 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

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.