72,848 Shares in Allegro MicroSystems, Inc. $ALGM Purchased by E. Ohman J or Asset Management AB

Key Points

• E. Ohman Jor Asset Management AB acquired 72,848 Allegro MicroSystems shares worth approximately $2.65 million during the third quarter. Hedge funds and institutional investors collectively own 56.45% of the company.
• Analyst sentiment remains positive but mixed, with a consensus “Moderate Buy” rating and an average price target of $51.58; several firms recently lowered their targets.
• ALGM shares opened at $31.48, well below their 52-week high of $71.77. The company’s latest quarterly results exceeded expectations, with $0.23 in earnings per share and $259.24 million in revenue, up 27.5% year over year.

E. Ohman J or Asset Management AB acquired a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 72,848 shares of the company's stock, valued at approximately $2,648,000.

Other hedge funds have also recently modified their holdings of the company. Parallel Advisors LLC boosted its holdings 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 valued at $32,000 after purchasing an additional 302 shares during the last quarter. SBI Securities Co. Ltd. lifted its position in shares of Allegro MicroSystems by 17.4% in the third quarter. SBI Securities Co. Ltd. now owns 2,059 shares of the company's stock worth $75,000 after buying an additional 305 shares in the last quarter. Transamerica Financial Advisors LLC bought a new position in Allegro MicroSystems during the second quarter valued at approximately $27,000. Rakuten Securities Inc. bought a new position in Allegro MicroSystems during the second quarter valued at approximately $31,000. Finally, Continuum Advisory LLC purchased a new position in Allegro MicroSystems during the 2nd quarter valued at approximately $35,000. Hedge funds and other institutional investors own 56.45% of the company's stock.

Analyst Upgrades and Downgrades

ALGM has been the topic of a number of research reports. Wells Fargo & Company reduced their price objective on Allegro MicroSystems from $56.00 to $45.00 and set an "overweight" rating on the stock in a research note on Tuesday. Needham & Company LLC lifted their price target on Allegro MicroSystems from $55.00 to $57.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Barclays cut 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. Mizuho decreased their price objective 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. Finally, TD Cowen lowered their price objective on Allegro MicroSystems from $48.00 to $40.00 and set a "buy" rating for the company in a research note on Monday, October 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $51.58.

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 transaction, the senior vice president owned 31,052 shares of the company's stock, valued at $1,378,398.28. This trade represents a 6.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by insiders.

Allegro MicroSystems Stock Down 0.7%

Shares of ALGM stock opened at $31.48 on Friday. The stock's fifty day moving average price is $35.70 and its 200 day moving average price is $43.40. Allegro MicroSystems, Inc. has a 1-year low of $22.41 and a 1-year high of $71.77. The company has a market cap of $5.87 billion, a price-to-earnings ratio of 524.75, a price-to-earnings-growth ratio of 1.00 and a beta of 1.99. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.70 and a quick ratio of 2.33.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.23 earnings per share for the quarter, topping 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 company's revenue was up 27.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.09 earnings per share. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. On average, research analysts expect that Allegro MicroSystems, Inc. will post 0.65 earnings per share for the current fiscal year.

About Allegro MicroSystems

Allegro MicroSystems, Inc is a semiconductor company that develops and manufactures magnetic sensing and power-management solutions. Its products are designed to help monitor motion, position, speed, current and temperature, as well as control power in electronic systems.

The company's portfolio includes Hall-effect and other magnetic sensors, current sensors, motor drivers, regulators, LED drivers and related integrated circuits. These products are used in automotive applications such as advanced driver-assistance systems, vehicle electrification, powertrain systems, comfort features and safety systems, as well as in industrial and consumer equipment.

Founded in 1990 and headquartered in Manchester, New Hampshire, Allegro serves customers globally through its international operations and distribution network.

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