Alliancebernstein L.P. Buys 425,516 Shares of Allegro MicroSystems, Inc. $ALGM

Key Points

• Alliancebernstein L.P. increased its stake in Allegro MicroSystems by 80.6% in Q1, owning 953,689 shares valued at approximately $23.97 million.
• Several hedge funds, including Invesco Ltd. and Wellington Management Group, have also significantly increased their stakes in Allegro, with institutional investors now owning 56.45% of the company's stock.
• Analysts have raised their price targets for Allegro MicroSystems, with the average target now at $36.78, indicating a consensus rating of "Moderate Buy."

Alliancebernstein L.P. increased its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 80.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 953,689 shares of the company's stock after purchasing an additional 425,516 shares during the quarter. Alliancebernstein L.P. owned approximately 0.52% of Allegro MicroSystems worth $23,966,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGM. Northern Trust Corp lifted its holdings in Allegro MicroSystems by 13.6% in the 4th quarter. Northern Trust Corp now owns 1,074,433 shares of the company's stock worth $23,487,000 after purchasing an additional 128,726 shares during the last quarter. Deutsche Bank AG lifted its holdings in Allegro MicroSystems by 295.9% in the 4th quarter. Deutsche Bank AG now owns 26,237 shares of the company's stock worth $574,000 after purchasing an additional 19,609 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Allegro MicroSystems by 11.9% in the 4th quarter. Janus Henderson Group PLC now owns 57,329 shares of the company's stock worth $1,255,000 after purchasing an additional 6,100 shares during the last quarter. LMR Partners LLP acquired a new stake in Allegro MicroSystems in the 4th quarter worth approximately $3,279,000. Finally, Lazard Asset Management LLC lifted its holdings in Allegro MicroSystems by 22.2% in the 4th quarter. Lazard Asset Management LLC now owns 404,702 shares of the company's stock worth $8,846,000 after purchasing an additional 73,439 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALGM has been the subject of several analyst reports. Zacks Research upgraded Allegro MicroSystems to a "hold" rating in a report on Monday, August 11th. Wall Street Zen upgraded Allegro MicroSystems from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Needham & Company LLC upped their price target on Allegro MicroSystems from $25.00 to $37.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Mizuho upped their price target on Allegro MicroSystems from $37.00 to $40.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Finally, UBS Group upped their price target on Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.78.

Insider Transactions at Allegro MicroSystems

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

Allegro MicroSystems Price Performance

Shares of ALGM stock traded up $0.69 during trading hours on Monday, hitting $30.49. 115,511 shares of the company's stock were exchanged, compared to its average volume of 2,661,092. The stock's 50-day moving average is $32.57 and its 200-day moving average is $28.03. The company has a debt-to-equity ratio of 0.34, a current ratio of 3.70 and a quick ratio of 2.26. The stock has a market cap of $5.64 billion, a price-to-earnings ratio of -82.55 and a beta of 1.74. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.09 EPS for the quarter, hitting the consensus estimate of $0.09. The company had revenue of $203.41 million for 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 business's revenue for the quarter was up 21.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 earnings per share. Allegro MicroSystems has set its Q2 2026 guidance at 0.100-0.140 EPS. As a group, research analysts forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current year.

About Allegro MicroSystems

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.