Algert Global LLC Purchases 58,500 Shares of Allegro MicroSystems, Inc. $ALGM

Key Points

• Algert Global increased its Allegro MicroSystems position by 868% in the second quarter, purchasing 58,500 additional shares and bringing its holdings to 65,240 shares valued at approximately $4.54 million.
• Allegro reported quarterly EPS of $0.23, exceeding estimates of $0.21, while revenue rose 27.5% year over year to $259.24 million. Institutional investors collectively own 56.45% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $53.45, compared with the stock’s reported price of $37.59.

Algert Global LLC lifted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 868.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 65,240 shares of the company's stock after buying an additional 58,500 shares during the quarter. Algert Global LLC's holdings in Allegro MicroSystems were worth $4,542,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. State of Wyoming bought a new position in shares of Allegro MicroSystems in the 2nd quarter worth about $2,247,000. Nippon Life Global Investors Americas Inc. bought a new stake in shares of Allegro MicroSystems during the 2nd quarter valued at about $10,016,000. Norges Bank acquired a new stake in Allegro MicroSystems during the fourth quarter worth approximately $38,457,000. Bank of America Corp DE grew its stake in Allegro MicroSystems by 48.3% during the first quarter. Bank of America Corp DE now owns 855,453 shares of the company's stock worth $26,972,000 after purchasing an additional 278,798 shares during the period. Finally, Maverick Capital Ltd. acquired a new stake in Allegro MicroSystems during the first quarter worth approximately $1,331,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $37.59 on Friday. Allegro MicroSystems, Inc. has a 12-month low of $22.41 and a 12-month high of $71.77. The business's fifty day moving average is $48.18 and its 200 day moving average is $43.42. 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 stock has a market cap of $7.01 billion, a P/E ratio of 626.60, a P/E/G ratio of 1.16 and a beta of 1.94.

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

Analysts Set New Price Targets

Several brokerages have issued reports on ALGM. Evercore reissued an "outperform" rating and issued a $53.00 price target on shares of Allegro MicroSystems in a research note on Friday, May 8th. Weiss Ratings raised shares of Allegro MicroSystems from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Monday, August 3rd. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $48.00 to $56.00 and gave the company an "overweight" rating in a research note on Friday, May 8th. Jefferies Financial Group reiterated a "buy" rating and set a $62.00 target price on shares of Allegro MicroSystems in a research report on Thursday, May 7th. Finally, TD Cowen cut their target price on shares of Allegro MicroSystems from $66.00 to $48.00 and set a "buy" rating on the stock in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $53.45.

Insiders Place Their Bets

In related news, SVP Richard Madormo sold 5,000 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $52.72, for a total transaction of $263,600.00. Following the transaction, the senior vice president directly owned 69,687 shares of the company's stock, valued at $3,673,898.64. This trade represents a 6.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Erin Hagen sold 2,285 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $44.39, for a total transaction of $101,431.15. Following the transaction, the senior vice president directly owned 31,052 shares in the company, valued at $1,378,398.28. The trade was a 6.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.50% of the stock is owned by insiders.

Allegro MicroSystems Profile

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.

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