Allegro MicroSystems, Inc. $ALGM Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its Allegro MicroSystems stake by 81% in the second quarter, selling 29,599 shares and retaining 6,942 shares valued at approximately $483,000.
• Institutional ownership remains significant at 56.45%, with BlackRock initiating a stake worth roughly $967 million and several other funds increasing their holdings.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $53.45. Allegro also exceeded quarterly earnings and revenue expectations, reporting $0.23 EPS and $259.24 million in revenue.

Engineers Gate Manager LP trimmed its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 81.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,942 shares of the company's stock after selling 29,599 shares during the period. Engineers Gate Manager LP's holdings in Allegro MicroSystems were worth $483,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Allegro MicroSystems during the 2nd quarter worth about $966,975,000. Dimensional Fund Advisors LP boosted its holdings in Allegro MicroSystems by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,170,487 shares of the company's stock valued at $68,399,000 after purchasing an additional 30,340 shares in the last quarter. Analog Century Management LP increased its stake in Allegro MicroSystems by 60.9% in the fourth quarter. Analog Century Management LP now owns 1,890,072 shares of the company's stock valued at $49,860,000 after purchasing an additional 715,119 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Allegro MicroSystems by 2.8% during the first quarter. Principal Financial Group Inc. now owns 1,790,466 shares of the company's stock worth $56,453,000 after purchasing an additional 48,170 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Allegro MicroSystems during the 4th quarter worth approximately $38,457,000. 56.45% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Erin Hagen sold 2,285 shares of Allegro MicroSystems stock in a transaction on Monday, August 10th. The shares were sold at an average price of $44.39, for a total value 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. This trade represents a 6.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently commented on ALGM. TD Cowen cut their price target 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. Weiss Ratings raised Allegro MicroSystems from a "sell (d-)" rating to a "sell (d+)" rating in a report on Monday, August 3rd. Mizuho decreased their target price on Allegro MicroSystems from $67.00 to $58.00 and set an "outperform" rating for the company in a research report on Friday, July 31st. Benchmark started coverage on Allegro MicroSystems in a research note on Wednesday, August 12th. They set a "buy" rating and a $60.00 price target on the stock. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and an average price target of $53.45.

Allegro MicroSystems Stock Performance

NASDAQ ALGM opened at $35.11 on Thursday. The firm has a market cap of $6.54 billion, a P/E ratio of 585.26, a P/E/G ratio of 1.12 and a beta of 1.91. Allegro MicroSystems, Inc. has a 52-week low of $22.41 and a 52-week high of $71.77. The business's 50-day moving average price is $39.86 and its 200 day moving average price is $42.95. The company has a quick ratio of 2.33, a current ratio of 3.70 and a debt-to-equity ratio of 0.30.

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

About Allegro MicroSystems

Allegro MicroSystems, Inc develops and manufactures semiconductor solutions that enable motion control, energy efficiency and intelligent system monitoring. The company primarily serves the automotive and industrial markets, providing integrated circuits and sensor technologies used in vehicles, factory automation, appliances, power systems and other electronic equipment.

Its product portfolio includes magnetic sensor ICs for measuring position, speed, current and motion; power management and regulation devices; motor driver ICs; LED driver solutions; and other application-specific integrated circuits.

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