Allspring Global Investments Holdings LLC Lowers Holdings in Allegro MicroSystems, Inc. $ALGM

Key Points

• Allspring Global Investments reduced its stake in Allegro MicroSystems by 13.6% in the first quarter, selling 48,402 shares and ending with 307,624 shares valued at about $10.24 million.
• Allegro MicroSystems reported better-than-expected quarterly results, posting EPS of $0.17 versus $0.16 expected and revenue of $243.19 million, up 26.1% year over year.
• Analyst sentiment remains mostly positive, with nine Buy ratings overall and an average target price of $55.20, though some firms recently cut or adjusted their price targets and ratings.

Allspring Global Investments Holdings LLC trimmed its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 13.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 307,624 shares of the company's stock after selling 48,402 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.17% of Allegro MicroSystems worth $10,244,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Lecap Asset Management Ltd. bought a new stake in Allegro MicroSystems during the 4th quarter valued at about $783,000. Norges Bank purchased a new stake in shares of Allegro MicroSystems during the fourth quarter valued at approximately $38,457,000. Lightrock Netherlands B.V. bought a new stake in shares of Allegro MicroSystems during the fourth quarter valued at approximately $9,349,000. Altfest L J & Co. Inc. purchased a new position in Allegro MicroSystems in the 4th quarter worth approximately $430,000. Finally, Hel Ved Capital Management Ltd bought a new position in Allegro MicroSystems in the 4th quarter valued at approximately $1,658,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $49.87 on Thursday. The company has a quick ratio of 2.21, a current ratio of 3.45 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $9.29 billion, a PE ratio of -554.05 and a beta of 1.90. The firm's 50 day moving average price is $51.69 and its 200-day moving average price is $41.95. Allegro MicroSystems, Inc. has a twelve month low of $22.41 and a twelve month high of $71.77.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.16 by $0.01. The business had revenue of $243.19 million during the quarter, compared to analysts' expectations of $235.94 million. Allegro MicroSystems had a negative net margin of 1.67% and a positive return on equity of 6.09%. The firm's revenue was up 26.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.06 earnings per share. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. Equities research analysts expect that Allegro MicroSystems, Inc. will post 0.77 EPS for the current year.

Insider Buying and Selling

In other Allegro MicroSystems news, CEO Michael Doogue sold 30,089 shares of the company's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $47.23, for a total value of $1,421,103.47. Following the completion of the sale, the chief executive officer owned 252,797 shares in the company, valued at $11,939,602.31. This represents a 10.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Roald Graham Webster sold 5,217 shares of the firm's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $44.88, for a total value of $234,138.96. Following the completion of the transaction, the chief accounting officer directly owned 13,106 shares in the company, valued at $588,197.28. This trade represents a 28.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 68,607 shares of company stock worth $3,213,714 in the last quarter. Company insiders own 0.50% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. TD Cowen decreased their price target on Allegro MicroSystems from $70.00 to $66.00 and set a "buy" rating for the company in a research note on Monday, July 13th. Mizuho boosted their target price on Allegro MicroSystems from $54.00 to $67.00 and gave the stock an "outperform" rating in a research report on Monday, June 29th. Wall Street Zen raised shares of Allegro MicroSystems from a "hold" rating to a "buy" rating in a report on Sunday, June 21st. Barclays lowered shares of Allegro MicroSystems from an "overweight" rating to an "equal weight" rating and set a $48.00 price target for the company. in a research note on Monday. Finally, Jefferies Financial Group restated a "buy" rating and set a $62.00 price objective on shares of Allegro MicroSystems in a research report on Thursday, May 7th. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Allegro MicroSystems has an average rating of "Moderate Buy" and an average target price of $55.20.

Allegro MicroSystems Company 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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