Amundi Purchases Shares of 49,273 Allegro MicroSystems, Inc. $ALGM

Key Points

• Amundi initiated a position in Allegro MicroSystems during the second quarter, purchasing 49,273 shares valued at approximately $3.43 million. Institutional investors collectively own 56.45% of the company.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $53.45, although some firms recently lowered targets or downgraded the stock.
• Allegro reported better-than-expected quarterly results, with EPS of $0.23 versus $0.21 expected and revenue of $259.24 million, up 27.5% year over year.

Amundi purchased a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 49,273 shares of the company's stock, valued at approximately $3,430,000.

A number of other large investors have also modified their holdings of ALGM. HighTower Advisors LLC purchased a new position in shares of Allegro MicroSystems in the 2nd quarter valued at approximately $434,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Allegro MicroSystems in the second quarter worth $1,634,000. California State Teachers Retirement System lifted its stake in shares of Allegro MicroSystems by 6,620.0% during the second quarter. California State Teachers Retirement System now owns 10,068,305 shares of the company's stock worth $700,955,000 after buying an additional 9,918,479 shares during the period. HB Wealth Management LLC purchased a new stake in shares of Allegro MicroSystems during the second quarter valued at $204,000. Finally, Odyssean LLC purchased a new stake in shares of Allegro MicroSystems during the second quarter valued at $281,000. Hedge funds and other institutional investors own 56.45% of the company's stock.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Erin Hagen sold 2,285 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $44.39, for a total value of $101,431.15. Following the sale, the senior vice president directly owned 31,052 shares of the company's stock, valued at approximately $1,378,398.28. This trade represents a 6.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.50% of the company's stock.

Analyst Upgrades and Downgrades

ALGM has been the subject of a number of research reports. Weiss Ratings raised Allegro MicroSystems from a "sell (d-)" rating to a "sell (d+)" rating in a research report on Monday, August 3rd. Morgan Stanley increased their price objective on Allegro MicroSystems from $51.00 to $52.00 and gave the company an "overweight" rating in a report on Friday, July 31st. Mizuho reduced their price objective on Allegro MicroSystems from $67.00 to $58.00 and set an "outperform" rating for the company in a research note on Friday, July 31st. Wall Street Zen raised Allegro MicroSystems from a "hold" rating to a "buy" rating in a report on Sunday, August 2nd. Finally, Barclays lowered Allegro MicroSystems from an "overweight" rating to an "equal weight" rating and set a $48.00 target price on the stock. in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems currently has an average rating of "Moderate Buy" and a consensus target price of $53.45.

Allegro MicroSystems Trading Up 2.9%

Shares of NASDAQ:ALGM opened at $36.31 on Friday. The company has a current ratio of 3.70, a quick ratio of 2.33 and a debt-to-equity ratio of 0.30. Allegro MicroSystems, Inc. has a 12-month low of $22.41 and a 12-month high of $71.77. The business has a 50 day moving average of $42.89 and a two-hundred day moving average of $43.03. The company has a market capitalization of $6.77 billion, a PE ratio of 605.27, a PEG ratio of 1.14 and a beta of 1.91.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.23 EPS for the quarter, topping analysts' consensus estimates of $0.21 by $0.02. Allegro MicroSystems had a net margin of 1.50% and a return on equity of 8.30%. The business had revenue of $259.24 million for the quarter, compared to analysts' expectations of $251.44 million. During the same quarter last year, the company earned $0.09 EPS. The business's revenue was up 27.5% on a year-over-year basis. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. As a group, analysts forecast that Allegro MicroSystems, Inc. will post 0.65 EPS for the current year.

Allegro MicroSystems Profile

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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