Bank of America Corp DE Acquires 278,798 Shares of Allegro MicroSystems, Inc. $ALGM

Key Points

• Bank of America increased its Allegro MicroSystems stake by 48.3% in the first quarter, acquiring 278,798 shares and bringing its holdings to 855,453 shares worth approximately $27.0 million. Institutional investors collectively own 56.45% of ALGM.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $53.45; recent targets range from $48 to $62.
• Allegro exceeded quarterly expectations with EPS of $0.23 versus $0.21 expected and revenue of $259.24 million, up 27.5% year over year. However, insiders sold 12,502 shares worth roughly $599,170 over the past three months.

Bank of America Corp DE grew its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 48.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 855,453 shares of the company's stock after buying an additional 278,798 shares during the quarter. Bank of America Corp DE owned approximately 0.46% of Allegro MicroSystems worth $26,972,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Invesco Ltd. raised its stake in shares of Allegro MicroSystems by 44.0% in the fourth quarter. Invesco Ltd. now owns 7,651,051 shares of the company's stock worth $201,835,000 after acquiring an additional 2,338,624 shares during the last quarter. Alliancebernstein L.P. raised its position in Allegro MicroSystems by 189.4% in the 2nd quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company's stock worth $94,360,000 after purchasing an additional 1,806,183 shares during the last quarter. Norges Bank acquired a new position in Allegro MicroSystems during the 4th quarter worth $38,457,000. Adage Capital Partners GP L.L.C. lifted its holdings in Allegro MicroSystems by 77.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,803,944 shares of the company's stock worth $73,968,000 after buying an additional 1,227,317 shares in the last quarter. Finally, Analog Century Management LP boosted its position in Allegro MicroSystems by 60.9% in the 4th quarter. Analog Century Management LP now owns 1,890,072 shares of the company's stock valued at $49,860,000 after buying an additional 715,119 shares during the last quarter. 56.45% of the stock is owned by institutional investors.

Insider Transactions at Allegro MicroSystems

In other 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 transaction of $101,431.15. Following the transaction, the senior vice president directly owned 31,052 shares of the company's stock, valued at $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 SEC, which is available through this hyperlink. Also, CAO Roald Graham Webster sold 5,217 shares of the business's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $44.88, for a total transaction of $234,138.96. Following the completion of the transaction, the chief accounting officer directly owned 13,106 shares of the company's stock, 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 have sold a total of 12,502 shares of company stock valued at $599,170 over the last three months. 0.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on ALGM shares. UBS Group upped their price target on Allegro MicroSystems from $52.00 to $55.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Benchmark initiated coverage on Allegro MicroSystems in a report on Wednesday. They set a "buy" rating and a $60.00 price objective for the company. Jefferies Financial Group restated a "buy" rating and set a $62.00 target price on shares of Allegro MicroSystems in a research report on Thursday, May 7th. Morgan Stanley upped their target price on shares of Allegro MicroSystems from $51.00 to $52.00 and gave the company an "overweight" rating in a research report on Friday, July 31st. Finally, Barclays lowered shares of Allegro MicroSystems from an "overweight" rating to an "equal weight" rating and set a $48.00 target price on the stock. in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Allegro MicroSystems currently has an average rating of "Moderate Buy" and an average price target of $53.45.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $44.39 on Monday. The stock has a market cap of $8.27 billion, a PE ratio of 739.96, a price-to-earnings-growth ratio of 1.40 and a beta of 1.94. The stock has a 50-day moving average of $50.48 and a 200-day moving average of $43.37. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.70 and a quick ratio of 2.33. Allegro MicroSystems, Inc. has a one year low of $22.41 and a one year high of $71.77.

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

About Allegro MicroSystems

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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