Bank of America Corp DE Acquires New Position in Allegro MicroSystems, Inc. $ALGM

Key Points

• Bank of America acquired 921,728 shares of Allegro MicroSystems during the second quarter, worth approximately $64.2 million and representing about 0.49% of the company. Institutional investors collectively own 56.45% of ALGM.
• Allegro reported quarterly EPS of $0.23, beating estimates by $0.02, while revenue rose 27.5% year over year to $259.24 million. The company guided for Q2 2027 EPS of $0.23–$0.26.
• ALGM shares opened at $34.10, well below the 50-day and 200-day moving averages of $40.80 and $42.88. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $53.45, although several firms recently reduced their targets.

Bank of America Corp DE bought a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 921,728 shares of the company's stock, valued at approximately $64,171,000. Bank of America Corp DE owned approximately 0.49% of Allegro MicroSystems as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of ALGM. Parallel Advisors LLC boosted its stake in Allegro MicroSystems by 42.8% in the first quarter. Parallel Advisors LLC now owns 1,008 shares of the company's stock valued at $32,000 after buying an additional 302 shares in the last quarter. Rakuten Securities Inc. bought a new position in shares of Allegro MicroSystems in the 2nd quarter valued at $31,000. State of Michigan Retirement System lifted its stake in shares of Allegro MicroSystems by 2.0% in the 1st quarter. State of Michigan Retirement System now owns 29,900 shares of the company's stock valued at $943,000 after acquiring an additional 600 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of Allegro MicroSystems by 2.8% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 25,437 shares of the company's stock valued at $802,000 after acquiring an additional 700 shares during the last quarter. Finally, First Bancorp Inc ME acquired a new stake in shares of Allegro MicroSystems during the 2nd quarter valued at $49,000. Institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $34.10 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.70 and a quick ratio of 2.33. The stock has a 50-day moving average of $40.80 and a 200-day moving average of $42.88. The company has a market cap of $6.36 billion, a PE ratio of 568.43, a P/E/G ratio of 1.07 and a beta of 1.91. 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 announced its quarterly earnings results on Thursday, July 30th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.02. Allegro MicroSystems had a return on equity of 8.30% and a net margin of 1.50%.The business had revenue of $259.24 million for the quarter, compared to analyst estimates of $251.44 million. During the same quarter in the prior year, the company earned $0.09 earnings per share. The company's quarterly 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. On average, equities research analysts predict that Allegro MicroSystems, Inc. will post 0.65 EPS for the current fiscal year.

Insider Buying and Selling at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Erin Hagen sold 2,285 shares of the business'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 transaction of $101,431.15. Following the completion of the sale, the senior vice president directly owned 31,052 shares of the company's stock, valued at approximately $1,378,398.28. The trade was a 6.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Barclays downgraded Allegro MicroSystems from an "overweight" rating to an "equal weight" rating and set a $48.00 target price for the company. in a research report on Monday, July 20th. TD Cowen dropped their price objective on shares of Allegro MicroSystems from $66.00 to $48.00 and set a "buy" rating for the company in a report on Friday, July 31st. Mizuho cut their target price on shares of Allegro MicroSystems from $67.00 to $58.00 and set an "outperform" rating on the stock in a research report on Friday, July 31st. Morgan Stanley boosted their target price on shares of Allegro MicroSystems from $51.00 to $52.00 and gave the stock an "overweight" rating in a report on Friday, July 31st. Finally, Wall Street Zen upgraded shares of Allegro MicroSystems from a "hold" rating to a "buy" rating in a research report on Sunday, August 2nd. One equities research 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 given a Sell rating to the company. According to MarketBeat.com, Allegro MicroSystems currently has an average rating of "Moderate Buy" and a consensus target price of $53.45.

Allegro MicroSystems Company 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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