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

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) updated its fourth quarter 2022 earnings guidance on Tuesday. The company provided earnings per share guidance of $0.35-$0.37 for the period, compared to the consensus earnings per share 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 Analyst Weigh In

ALGM has been the subject of a number of analyst reports. TheStreet upgraded Allegro MicroSystems from a c rating to a b- rating in a research report on Wednesday, November 16th. Barclays upped their price target on shares of Allegro MicroSystems from $32.00 to $44.00 and gave the stock an overweight rating in a research report on Wednesday. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $30.00 to $35.00 and gave the company an overweight rating in a research report on Monday, January 9th. Cowen upped their target price on shares of Allegro MicroSystems from $38.00 to $44.00 and gave the stock an outperform rating in a research report on Wednesday. Finally, Mizuho lifted their price target on Allegro MicroSystems from $38.00 to $42.00 and gave the company a buy rating in a report on Wednesday. Six research analysts have rated the stock with a buy rating, According to MarketBeat, Allegro MicroSystems presently has an average rating of Buy and a consensus target price of $39.50.

Allegro MicroSystems Price Performance

Shares of ALGM stock traded up $0.59 during midday trading on Wednesday, reaching $38.76. 1,928,402 shares of the company were exchanged, compared to its average volume of 1,413,771. The company’s 50 day moving average price is $31.74 and its two-hundred day moving average price is $26.80. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.96 and a current ratio of 4.84. The company has a market cap of $7.42 billion, a P/E ratio of 63.48 and a beta of 1.68. Allegro MicroSystems has a 12 month low of $19.20 and a 12 month high of $39.20.

Insider Buying and Selling

In other Allegro MicroSystems news, SVP Max R. Glover sold 25,000 shares of the company’s stock in a transaction dated Tuesday, January 17th. The shares were sold at an average price of $34.21, for a total value of $855,250.00. Following the completion of the sale, the senior vice president now directly owns 234,689 shares of the company’s stock, valued at approximately $8,028,710.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Allegro MicroSystems news, SVP Max R. Glover sold 15,000 shares of Allegro MicroSystems stock in a transaction dated Wednesday, January 11th. The stock was sold at an average price of $32.06, for a total transaction of $480,900.00. Following the transaction, the senior vice president now owns 259,689 shares of the company’s stock, valued at approximately $8,325,629.34. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Max R. Glover sold 25,000 shares of Allegro MicroSystems stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $34.21, for a total value of $855,250.00. Following the sale, the senior vice president now directly owns 234,689 shares of the company’s stock, valued at approximately $8,028,710.69. The disclosure for this sale can be found here. Insiders have sold a total of 94,573 shares of company stock valued at $2,863,750 over the last three months. Company insiders own 13.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ALGM. Wellington Management Group LLP acquired a new position in shares of Allegro MicroSystems during the 1st quarter worth about $39,429,000. Clearbridge Investments LLC raised its stake in shares of Allegro MicroSystems by 18.6% in the 1st quarter. Clearbridge Investments LLC now owns 4,029,946 shares of the company’s stock valued at $114,450,000 after buying an additional 632,036 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Allegro MicroSystems by 4,113.2% during the 2nd quarter. Millennium Management LLC now owns 578,307 shares of the company’s stock worth $11,965,000 after acquiring an additional 564,581 shares during the period. BlackRock Inc. increased its stake in Allegro MicroSystems by 25.4% in the third quarter. BlackRock Inc. now owns 2,770,134 shares of the company’s stock valued at $60,530,000 after acquiring an additional 561,330 shares during the period. Finally, Sei Investments Co. raised its position in Allegro MicroSystems by 253.9% in the second quarter. Sei Investments Co. now owns 471,648 shares of the company’s stock worth $9,756,000 after purchasing an additional 338,383 shares in the last quarter. Institutional investors and hedge funds own 46.89% of the company’s stock.

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.