Allegro MicroSystems, Inc. (NASDAQ:ALGM) Stock Has Consensus Target Price of $53.17

Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are presently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $53.17.

ALGM has been the subject of a number of analyst reports. Needham & Company LLC upped their price objective on shares of Allegro MicroSystems from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Mizuho dropped their target price on Allegro MicroSystems from $67.00 to $58.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Weiss Ratings upgraded Allegro MicroSystems from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, August 3rd. Wall Street Zen raised Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. Finally, Royal Bank Of Canada initiated coverage on Allegro MicroSystems in a research note on Friday. They set an “outperform” rating and a $50.00 price objective for the company.

Allegro MicroSystems Stock Down 2.7%

ALGM opened at $38.46 on Friday. Allegro MicroSystems has a 1 year low of $22.41 and a 1 year high of $71.77. The firm has a 50 day moving average price of $38.14 and a 200 day moving average price of $43.23. 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 cap of $7.17 billion, a PE ratio of 641.11, a price-to-earnings-growth ratio of 1.24 and a beta of 1.99.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.02. Allegro MicroSystems had a net margin of 1.50% and a return on equity of 8.30%. The company had revenue of $259.24 million during the quarter, compared to the consensus estimate of $251.44 million. During the same period in the previous year, the firm earned $0.09 earnings per share. Allegro MicroSystems’s revenue for the quarter was up 27.5% on a year-over-year basis. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. Sell-side analysts expect that Allegro MicroSystems will post 0.65 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Erin Hagen sold 2,285 shares of Allegro MicroSystems stock in a transaction that occurred 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 completion of the transaction, the senior vice president owned 31,052 shares in the company, valued at approximately $1,378,398.28. This trade represents a 6.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors have recently made changes to their positions in ALGM. Parallel Advisors LLC raised its holdings in shares of Allegro MicroSystems by 42.8% during the first 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 last quarter. Transamerica Financial Advisors LLC purchased a new stake in Allegro MicroSystems in the second quarter valued at $27,000. Rakuten Securities Inc. acquired a new stake in Allegro MicroSystems during the 2nd quarter worth about $31,000. Continuum Advisory LLC acquired a new stake in Allegro MicroSystems during the 2nd quarter worth about $35,000. Finally, State of Michigan Retirement System grew its position in Allegro MicroSystems by 2.0% during the 1st quarter. State of Michigan Retirement System now owns 29,900 shares of the company’s stock worth $943,000 after purchasing an additional 600 shares during the period. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Company Profile

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.