Voya Investment Management LLC Buys 654,094 Shares of Allegro MicroSystems, Inc. $ALGM

Key Points

• Voya Investment Management LLC significantly increased its stake in Allegro MicroSystems by 4,384.6%, owning 669,012 shares valued at approximately $16.8 million after purchasing over 654,000 additional shares in Q1.
• Allegro MicroSystems reported a revenue increase of 21.9% year-over-year, meeting expectations with earnings per share (EPS) of $0.09, while its market cap stands at $5.53 billion.
• Various analysts have adjusted their price targets for Allegro MicroSystems, with Wells Fargo raising its target to $42.00, reflecting positive sentiment among investment analysts regarding the stock's potential.

Voya Investment Management LLC grew its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 4,384.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 669,012 shares of the company's stock after acquiring an additional 654,094 shares during the quarter. Voya Investment Management LLC owned 0.36% of Allegro MicroSystems worth $16,812,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fifth Third Bancorp grew its holdings in shares of Allegro MicroSystems by 63.7% during the first quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after purchasing an additional 504 shares during the last quarter. UMB Bank n.a. boosted its holdings in Allegro MicroSystems by 68.6% in the first quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after acquiring an additional 578 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in Allegro MicroSystems in the first quarter valued at approximately $71,000. Summit Securities Group LLC lifted its stake in Allegro MicroSystems by 257.8% in the first quarter. Summit Securities Group LLC now owns 4,000 shares of the company's stock valued at $101,000 after buying an additional 2,882 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Allegro MicroSystems by 144.3% in the first quarter. GAMMA Investing LLC now owns 4,155 shares of the company's stock valued at $104,000 after buying an additional 2,454 shares during the period. 56.45% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on ALGM shares. Bank of America dropped their price target on Allegro MicroSystems from $45.00 to $38.00 and set a "buy" rating on the stock in a research note on Friday, September 5th. Morgan Stanley lowered their target price on Allegro MicroSystems from $38.00 to $35.00 and set an "equal weight" rating on the stock in a research report on Friday, August 1st. UBS Group upped their target price on Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Zacks Research raised Allegro MicroSystems to a "hold" rating in a research report on Monday, August 11th. Finally, Wall Street Zen raised Allegro MicroSystems from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $36.78.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, CAO Roald Graham Webster sold 8,266 shares of Allegro MicroSystems stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $32.81, for a total transaction of $271,207.46. Following the completion of the transaction, the chief accounting officer owned 17,300 shares in the company, valued at approximately $567,613. The trade was a 32.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.40% of the company's stock.

Allegro MicroSystems Trading Down 1.6%

Shares of ALGM stock traded down $0.50 during trading hours on Friday, reaching $31.45. The company's stock had a trading volume of 3,402,888 shares, compared to its average volume of 1,407,289. The stock has a market capitalization of $5.82 billion, a P/E ratio of -85.00 and a beta of 1.74. Allegro MicroSystems, Inc. has a one year low of $16.38 and a one year high of $38.45. The firm's fifty day simple moving average is $32.00 and its 200 day simple moving average is $28.20. The company has a current ratio of 3.70, a quick ratio of 2.26 and a debt-to-equity ratio of 0.34.

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