Norges Bank Takes Position in Allegro MicroSystems, Inc. $ALGM

Norges Bank acquired a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 1,457,805 shares of the company’s stock, valued at approximately $38,457,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in ALGM. Hantz Financial Services Inc. boosted its holdings in shares of Allegro MicroSystems by 86.9% in the third quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock worth $26,000 after buying an additional 419 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of Allegro MicroSystems by 815.4% in the fourth quarter. Farther Finance Advisors LLC now owns 2,142 shares of the company’s stock worth $57,000 after buying an additional 1,908 shares during the period. SBI Securities Co. Ltd. boosted its holdings in shares of Allegro MicroSystems by 343.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 2,301 shares of the company’s stock worth $61,000 after buying an additional 1,782 shares during the period. NewEdge Advisors LLC boosted its holdings in shares of Allegro MicroSystems by 12,315.0% in the third quarter. NewEdge Advisors LLC now owns 2,483 shares of the company’s stock worth $73,000 after buying an additional 2,463 shares during the period. Finally, Centaurus Financial Inc. acquired a new position in shares of Allegro MicroSystems in the third quarter worth about $161,000. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Allegro MicroSystems Stock Performance

ALGM stock opened at $48.19 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.21 and a current ratio of 3.45. The stock has a market cap of $8.97 billion, a P/E ratio of -535.38 and a beta of 1.98. The firm has a 50 day simple moving average of $42.66 and a 200 day simple moving average of $35.74. Allegro MicroSystems, Inc. has a 52 week low of $22.41 and a 52 week high of $54.40.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.16 by $0.01. The business had revenue of $243.19 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 26.1% compared to the same quarter last year. During the same period last year, the company posted $0.06 earnings per share. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. Research analysts anticipate that Allegro MicroSystems, Inc. will post 0.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ALGM has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of Allegro MicroSystems from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Mizuho raised their target price on Allegro MicroSystems from $44.00 to $54.00 and gave the stock an “outperform” rating in a research report on Friday, May 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Allegro MicroSystems in a research report on Wednesday, May 6th. Barclays raised their target price on Allegro MicroSystems from $46.00 to $48.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Finally, Evercore reaffirmed an “outperform” rating and issued a $53.00 target price on shares of Allegro MicroSystems in a research report on Friday, May 8th. Ten investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.80.

Insider Activity

In related news, SVP Richard Madormo sold 5,000 shares of Allegro MicroSystems stock in a transaction on Wednesday, June 3rd. The stock was 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 of the company’s stock, valued at approximately $3,673,898.64. This trade represents a 6.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 sale, the chief accounting officer 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 SEC filing for this sale provides additional information. In the last quarter, insiders have sold 68,607 shares of company stock valued at $3,213,714. 0.40% of the stock is currently owned by company insiders.

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.