Allegro MicroSystems (NASDAQ:ALGM) Upgraded at Royal Bank Of Canada

Royal Bank Of Canada upgraded shares of Allegro MicroSystems (NASDAQ:ALGM) to a moderate buy rating in a research report released on Friday morning,Zacks reports.

A number of other equities analysts have also weighed in on ALGM. Weiss Ratings upgraded shares of Allegro MicroSystems from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, August 3rd. Wall Street Zen upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. Benchmark initiated coverage on Allegro MicroSystems in a research note on Wednesday, August 12th. They set a “buy” rating and a $60.00 price target for the company. TD Cowen cut their price objective on Allegro MicroSystems from $66.00 to $48.00 and set a “buy” rating on the stock in a report on Friday, July 31st. Finally, Barclays lowered Allegro MicroSystems from an “overweight” rating to an “equal weight” rating and set a $48.00 price objective on the stock. in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.17.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $39.53 on Friday. Allegro MicroSystems has a fifty-two week low of $22.41 and a fifty-two week high of $71.77. The company has a market capitalization of $7.37 billion, a price-to-earnings ratio of 658.94, a PEG ratio of 1.24 and a beta of 1.99. The stock has a fifty day moving average of $38.31 and a two-hundred day moving average of $43.19. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.33 and a current ratio of 3.70.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. The business had revenue of $259.24 million for the quarter, compared to analyst estimates of $251.44 million. Allegro MicroSystems had a return on equity of 8.30% and a net margin of 1.50%.The business’s revenue for the quarter was up 27.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.09 earnings per share. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. On average, analysts anticipate that Allegro MicroSystems will post 0.65 EPS for the current fiscal year.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Erin Hagen sold 2,285 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $44.39, for a total transaction of $101,431.15. Following the completion of the sale, the senior vice president directly owned 31,052 shares of the company’s stock, valued at approximately $1,378,398.28. This trade represents a 6.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Allegro MicroSystems in the 2nd quarter worth about $966,975,000. Norges Bank bought a new position in Allegro MicroSystems in the fourth quarter worth about $38,457,000. Bank of America Corp DE acquired a new position in Allegro MicroSystems in the second quarter valued at approximately $64,171,000. Bank of New York Mellon Corp bought a new position in shares of Allegro MicroSystems during the second quarter valued at approximately $49,914,000. Finally, Analog Century Management LP raised its position in shares of Allegro MicroSystems by 60.9% during the 4th quarter. Analog Century Management LP now owns 1,890,072 shares of the company’s stock worth $49,860,000 after purchasing an additional 715,119 shares during the period. 56.45% of the stock is owned by hedge funds and other 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.