Paloma Partners Management Co Sells 1,394,832 Shares of Allegro MicroSystems, Inc. $ALGM

Key Points

• Paloma Partners Management Co reduced its stake in Allegro MicroSystems by 66.3%, now holding 708,968 shares, which constitutes about 2.2% of their portfolio and makes it their 6th largest position.
• Allegro MicroSystems posted $203.41 million in revenue for the most recent quarter, exceeding analysts' expectations, alongside earnings per share of $0.09.
• Brokerage firms have adjusted their price targets for Allegro MicroSystems, with Barclays setting a new target of $30.00 while UBS increased theirs to $42.00, indicating a positive outlook on the company's performance.

Paloma Partners Management Co reduced its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 66.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 708,968 shares of the company's stock after selling 1,394,832 shares during the quarter. Allegro MicroSystems comprises 2.2% of Paloma Partners Management Co's portfolio, making the stock its 6th largest holding. Paloma Partners Management Co owned about 0.39% of Allegro MicroSystems worth $17,816,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGM. Invesco Ltd. boosted its stake in Allegro MicroSystems by 131.5% during the 1st quarter. Invesco Ltd. now owns 4,835,641 shares of the company's stock valued at $121,520,000 after purchasing an additional 2,746,880 shares in the last quarter. Kodai Capital Management LP bought a new stake in shares of Allegro MicroSystems during the 1st quarter worth $41,610,000. Segall Bryant & Hamill LLC bought a new stake in shares of Allegro MicroSystems during the 1st quarter worth $32,959,000. Meridiem Capital Partners LP bought a new stake in shares of Allegro MicroSystems during the 4th quarter worth $25,140,000. Finally, Wellington Management Group LLP boosted its stake in shares of Allegro MicroSystems by 30.5% during the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after acquiring an additional 934,048 shares in the last quarter. 56.45% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CAO Roald Graham Webster sold 8,266 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $32.81, for a total transaction of $271,207.46. Following the transaction, the chief accounting officer directly owned 17,300 shares in the company, valued at $567,613. The trade was a 32.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ALGM shares. Wells Fargo & Company reissued an "overweight" rating and set a $42.00 price objective (up from $33.00) on shares of Allegro MicroSystems in a research note on Wednesday, July 16th. TD Cowen reduced their price objective on Allegro MicroSystems from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Friday, August 1st. UBS Group increased their target price on Allegro MicroSystems from $35.00 to $42.00 and gave the company a "buy" rating in a report on Monday, July 7th. Mizuho lifted their price target on Allegro MicroSystems from $37.00 to $40.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, Morgan Stanley reduced their price objective on Allegro MicroSystems from $38.00 to $35.00 and set an "equal weight" rating for the company in a research note on Friday, August 1st. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $36.78.

Allegro MicroSystems Stock Up 1.6%

Shares of NASDAQ:ALGM traded up $0.47 during midday trading on Friday, hitting $30.57. 1,414,585 shares of the stock were exchanged, compared to its average volume of 1,316,274. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.26 and a current ratio of 3.70. Allegro MicroSystems, Inc. has a 52-week low of $16.38 and a 52-week high of $38.45. The business's fifty day simple moving average is $33.07 and its two-hundred day simple moving average is $27.80. The company has a market capitalization of $5.66 billion, a PE ratio of -82.62 and a beta of 1.74.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, meeting the consensus estimate of $0.09. Allegro MicroSystems had a positive return on equity of 2.09% and a negative net margin of 9.00%.The company had revenue of $203.41 million for the quarter, compared to analyst estimates of $197.82 million. During the same period last year, the company earned $0.03 earnings per share. The business's revenue was up 21.9% compared to the same quarter last year. Allegro MicroSystems has set its Q2 2026 guidance at 0.100-0.140 EPS. As a group, research analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.