Allegro MicroSystems (NASDAQ:ALGM) Rating Increased to Strong-Buy at Benchmark

Benchmark upgraded shares of Allegro MicroSystems (NASDAQ:ALGM) to a strong-buy rating in a report issued on Wednesday,Zacks.com reports.

Several other analysts also recently commented on ALGM. UBS Group upped their price objective on Allegro MicroSystems from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Weiss Ratings upgraded Allegro MicroSystems from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, August 3rd. Mizuho dropped their target price on Allegro MicroSystems from $67.00 to $58.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. Wall Street Zen upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. Finally, Wells Fargo & Company increased their price target on Allegro MicroSystems from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $53.45.

Allegro MicroSystems Trading Up 0.6%

Shares of Allegro MicroSystems stock opened at $44.39 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.33 and a current ratio of 3.70. The company has a market capitalization of $8.27 billion, a P/E ratio of 739.96, a PEG ratio of 1.39 and a beta of 1.94. Allegro MicroSystems has a 1 year low of $22.41 and a 1 year high of $71.77. The company’s fifty day moving average is $50.48 and its two-hundred day moving average is $43.29.

Allegro MicroSystems (NASDAQ:ALGM) last announced its 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 net margin of 1.50% and a return on equity of 8.30%. The business had revenue of $259.24 million during the quarter, compared to analysts’ expectations of $251.44 million. During the same period in the prior year, the company earned $0.09 earnings per share. The business’s revenue was up 27.5% compared to the same quarter last year. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. Analysts forecast that Allegro MicroSystems will post 0.65 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Ian Kent sold 2,642 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $41.56, for a total value of $109,801.52. Following the completion of the sale, the senior vice president directly owned 25,392 shares of the company’s stock, valued at $1,055,291.52. This trade represents a 9.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Richard Madormo sold 5,000 shares of Allegro MicroSystems stock in a transaction that occurred on 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. Over the last 90 days, insiders have sold 15,144 shares of company stock worth $708,972. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Hedge funds and other institutional investors have recently bought and sold shares of the business. Rakuten Securities Inc. purchased a new stake in shares of Allegro MicroSystems during the 2nd quarter worth $31,000. Parallel Advisors LLC grew its stake in shares of Allegro MicroSystems by 42.8% during the 1st quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock worth $32,000 after purchasing an additional 302 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Allegro MicroSystems in the 4th quarter valued at about $34,000. CIBC Private Wealth Group LLC increased its holdings in shares of Allegro MicroSystems by 14,844.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock valued at $35,000 after purchasing an additional 1,336 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its stake in shares of Allegro MicroSystems by 85.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company’s stock valued at $38,000 after purchasing an additional 669 shares during the period. Institutional investors and hedge funds own 56.45% of the company’s stock.

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.