Allegro MicroSystems (NASDAQ:ALGM) Now Covered by Royal Bank Of Canada

Investment analysts at Royal Bank Of Canada began coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research note issued on Friday, Marketbeat Ratings reports. The firm set a “moderate buy” rating and a $50.00 price target on the stock. Royal Bank Of Canada’s price objective would suggest a potential upside of 29.83% from the stock’s previous close.

Several other analysts also recently issued reports on the company. Mizuho decreased their target price on Allegro MicroSystems from $67.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, July 31st. Benchmark began coverage on shares of Allegro MicroSystems in a report on Wednesday, August 12th. They set a “buy” rating and a $60.00 price objective for the company. Barclays lowered Allegro MicroSystems from an “overweight” rating to an “equal weight” rating and set a $48.00 price objective for the company. in a research report on Monday, July 20th. Morgan Stanley lifted their target price on Allegro MicroSystems from $51.00 to $52.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Finally, TD Cowen decreased their target price on Allegro MicroSystems from $66.00 to $48.00 and set a “buy” rating on the stock in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.17.

Allegro MicroSystems Price Performance

ALGM stock traded down $1.02 during trading on Friday, reaching $38.51. The company’s stock had a trading volume of 1,614,423 shares, compared to its average volume of 2,557,422. Allegro MicroSystems has a 1 year low of $22.41 and a 1 year high of $71.77. The company has a quick ratio of 2.33, a current ratio of 3.70 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $7.18 billion, a P/E ratio of 641.99, a price-to-earnings-growth ratio of 1.24 and a beta of 1.99. The company’s fifty day moving average is $38.31 and its 200-day moving average is $43.19.

Allegro MicroSystems (NASDAQ:ALGM) last posted 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. Allegro MicroSystems had a return on equity of 8.30% and a net margin of 1.50%.The business had revenue of $259.24 million for the quarter, compared to analysts’ expectations of $251.44 million. During the same period last year, the firm earned $0.09 earnings per share. The business’s quarterly revenue was up 27.5% on a year-over-year basis. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. On average, research analysts expect that Allegro MicroSystems will post 0.65 earnings per share for the current fiscal year.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Erin Hagen sold 2,285 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $44.39, for a total value of $101,431.15. Following the transaction, the senior vice president owned 31,052 shares of the company’s stock, valued at $1,378,398.28. This represents a 6.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.50% of the stock is currently owned by insiders.

Institutional Trading of Allegro MicroSystems

Several institutional investors and hedge funds have recently made changes to their positions in the business. Archford Capital Strategies LLC purchased a new stake in shares of Allegro MicroSystems during the second quarter valued at $348,000. Nykredit A S purchased a new position in Allegro MicroSystems in the 2nd quarter worth about $264,000. Corient Private Wealth LP lifted its holdings in Allegro MicroSystems by 39.8% during the 2nd quarter. Corient Private Wealth LP now owns 19,425 shares of the company’s stock valued at $1,352,000 after buying an additional 5,526 shares in the last quarter. Amundi bought a new stake in Allegro MicroSystems during the 2nd quarter valued at about $3,430,000. Finally, HighTower Advisors LLC bought a new stake in Allegro MicroSystems during the 2nd quarter valued at about $434,000. 56.45% of the stock is currently owned by institutional investors.

About Allegro MicroSystems

Allegro MicroSystems, Inc (NASDAQ:ALGM) develops and manufactures semiconductor solutions that enable motion, power management and energy efficiency in automotive and industrial applications. The company specializes in sensor integrated circuits and power semiconductor devices designed to monitor, control and improve the performance of electronic systems.

Its product portfolio includes magnetic sensors for detecting position, speed, current and angle, as well as power management integrated circuits, motor drivers, LED driver ICs and other application-specific solutions.