Hsbc Holdings PLC Buys Shares of 26,862 Allegro MicroSystems, Inc. $ALGM

Hsbc Holdings PLC purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 26,862 shares of the company’s stock, valued at approximately $1,870,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in Allegro MicroSystems in the 2nd quarter worth $966,975,000. Bank of America Corp DE increased its position in shares of Allegro MicroSystems by 136.6% during the 3rd quarter. Bank of America Corp DE now owns 952,679 shares of the company’s stock worth $27,818,000 after purchasing an additional 3,556,410 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Allegro MicroSystems by 44.0% during the fourth quarter. Invesco Ltd. now owns 7,651,051 shares of the company’s stock worth $201,835,000 after buying an additional 2,338,624 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Allegro MicroSystems by 189.4% during the 2nd 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 in the last quarter. Finally, Norges Bank bought a new position in shares of Allegro MicroSystems in the fourth quarter valued at about $38,457,000. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $35.77 on Monday. The company has a current ratio of 3.70, a quick ratio of 2.33 and a debt-to-equity ratio of 0.30. Allegro MicroSystems, Inc. has a 1 year low of $22.41 and a 1 year high of $71.77. The stock has a market cap of $6.67 billion, a P/E ratio of 596.27, a price-to-earnings-growth ratio of 1.13 and a beta of 1.94. The stock’s 50-day moving average price is $47.71 and its two-hundred day moving average price is $43.38.

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

Insider Transactions at Allegro MicroSystems

In related news, SVP Erin Hagen sold 2,285 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $44.39, for a total value of $101,431.15. Following the completion of the transaction, the senior vice president directly owned 31,052 shares of the company’s stock, valued at approximately $1,378,398.28. This represents a 6.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Richard Madormo sold 5,000 shares of the business’s 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 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.50% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ALGM shares. Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. Morgan Stanley boosted their price objective on shares of Allegro MicroSystems from $51.00 to $52.00 and gave the stock an “overweight” rating in a research report on Friday, July 31st. Evercore reiterated an “outperform” rating and issued a $53.00 price objective on shares of Allegro MicroSystems in a research report on Friday, May 8th. Mizuho lowered their target price on Allegro MicroSystems from $67.00 to $58.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. Finally, Needham & Company LLC lifted their price objective on Allegro MicroSystems from $55.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.45.

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.