Allegro MicroSystems (NASDAQ:ALGM) Issues Q4 2022 Earnings Guidance

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) issued an update on its fourth quarter 2022 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.35-$0.37 for the period, compared to the consensus estimate of $0.32. The company issued revenue guidance of $260.00 million-$270.00 million, compared to the consensus revenue estimate of $251.72 million. Allegro MicroSystems also updated its Q4 guidance to $0.35 to $0.37 EPS.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ALGM. TheStreet raised shares of Allegro MicroSystems from a c rating to a b- rating in a research report on Wednesday, November 16th. Cowen upped their price target on shares of Allegro MicroSystems from $38.00 to $44.00 and gave the company an outperform rating in a research report on Wednesday. Wells Fargo & Company increased their price target on shares of Allegro MicroSystems from $30.00 to $35.00 and gave the stock an overweight rating in a report on Monday, January 9th. Barclays upped their price objective on Allegro MicroSystems from $32.00 to $44.00 and gave the stock an overweight rating in a report on Wednesday. Finally, Needham & Company LLC increased their target price on shares of Allegro MicroSystems from $30.00 to $42.00 and gave the company a buy rating in a report on Wednesday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Allegro MicroSystems currently has an average rating of Buy and an average target price of $39.50.

Allegro MicroSystems Price Performance

Allegro MicroSystems stock traded up $0.60 during midday trading on Wednesday, reaching $38.77. 2,006,495 shares of the company were exchanged, compared to its average volume of 1,417,490. The firm’s 50-day simple moving average is $31.74 and its 200-day simple moving average is $26.80. Allegro MicroSystems has a 1 year low of $19.20 and a 1 year high of $39.20. The company has a market capitalization of $7.42 billion, a price-to-earnings ratio of 63.48 and a beta of 1.68. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.96 and a current ratio of 4.84.

Insiders Place Their Bets

In related news, SVP Michael Doogue sold 26,665 shares of the company’s stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $28.81, for a total transaction of $768,218.65. Following the transaction, the senior vice president now owns 192,054 shares of the company’s stock, valued at $5,533,075.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Allegro MicroSystems news, SVP Joanne Valente sold 1,123 shares of Allegro MicroSystems stock in a transaction that occurred on Wednesday, January 4th. The stock was sold at an average price of $30.07, for a total transaction of $33,768.61. Following the sale, the senior vice president now directly owns 97,153 shares in the company, valued at approximately $2,921,390.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Doogue sold 26,665 shares of the company’s stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $28.81, for a total value of $768,218.65. Following the completion of the transaction, the senior vice president now directly owns 192,054 shares in the company, valued at $5,533,075.74. The disclosure for this sale can be found here. Insiders have sold 94,573 shares of company stock valued at $2,863,750 in the last ninety days. Insiders own 13.60% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Several institutional investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its holdings in shares of Allegro MicroSystems by 201.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after purchasing an additional 774 shares during the period. US Bancorp DE boosted its holdings in shares of Allegro MicroSystems by 981.5% during the first quarter. US Bancorp DE now owns 2,455 shares of the company’s stock valued at $70,000 after acquiring an additional 2,228 shares during the period. MetLife Investment Management LLC bought a new position in shares of Allegro MicroSystems during the first quarter worth about $74,000. Royal Bank of Canada increased its holdings in shares of Allegro MicroSystems by 4.4% in the 3rd quarter. Royal Bank of Canada now owns 8,947 shares of the company’s stock worth $195,000 after acquiring an additional 376 shares during the period. Finally, Advisors Asset Management Inc. boosted its stake in Allegro MicroSystems by 32.2% during the 1st quarter. Advisors Asset Management Inc. now owns 7,402 shares of the company’s stock valued at $210,000 after purchasing an additional 1,802 shares during the period. 46.89% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Company Profile

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Allegro MicroSystems, Inc designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; power ICs comprising motor driver ICs, and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.