BlackRock Inc. Invests $966.98 Million in Allegro MicroSystems, Inc. $ALGM

Key Points

• BlackRock acquired 13.89 million Allegro MicroSystems shares worth approximately $966.98 million, giving it a 7.45% stake. Institutional investors and hedge funds collectively own 56.45% of the company.
• Allegro reported quarterly EPS of $0.23, beating estimates of $0.21, while revenue rose 27.5% year over year to $259.24 million. The company guided for fiscal Q2 2027 EPS of $0.23–$0.26.
• ALGM opened at $37.16, well below its 50-day average of $49.65, while analysts maintain a “Moderate Buy” consensus with an average price target of $53.45.

BlackRock Inc. acquired a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 13,889,324 shares of the company's stock, valued at approximately $966,975,000. BlackRock Inc. owned about 7.45% of Allegro MicroSystems at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Bank of America Corp DE raised its position in Allegro MicroSystems by 136.6% during the 3rd quarter. Bank of America Corp DE now owns 952,679 shares of the company's stock worth $27,818,000 after purchasing an additional 3,556,410 shares during the last quarter. Invesco Ltd. increased 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 valued at $201,835,000 after buying an additional 2,338,624 shares during the period. Alliancebernstein L.P. raised its position in shares of Allegro MicroSystems by 189.4% during the second quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company's stock worth $94,360,000 after acquiring an additional 1,806,183 shares during the last quarter. Norges Bank bought a new position in shares of Allegro MicroSystems during the fourth quarter worth about $38,457,000. Finally, Adage Capital Partners GP L.L.C. lifted its stake in shares of Allegro MicroSystems by 77.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,803,944 shares of the company's stock worth $73,968,000 after acquiring an additional 1,227,317 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Erin Hagen sold 2,285 shares of Allegro MicroSystems stock in a transaction that occurred 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 owned 31,052 shares of the company's stock, valued at $1,378,398.28. This trade represents a 6.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Richard Madormo sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $52.72, for a total value of $263,600.00. Following the completion of the transaction, the senior vice president owned 69,687 shares in the company, valued at $3,673,898.64. The trade was a 6.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.50% of the stock is owned by company insiders.

Allegro MicroSystems Stock Down 0.1%

Shares of NASDAQ ALGM opened at $37.16 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 company has a 50-day moving average price of $49.65 and a 200-day moving average price of $43.45. The stock has a market capitalization of $6.93 billion, a P/E ratio of 619.44, a P/E/G ratio of 1.17 and a beta of 1.94. Allegro MicroSystems, Inc. has a 1 year low of $22.41 and a 1 year high of $71.77.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.02. The company 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%. The firm's revenue was up 27.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.09 EPS. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. On average, equities research analysts forecast that Allegro MicroSystems, Inc. will post 0.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ALGM. Wall Street Zen upgraded shares of Allegro MicroSystems from a "hold" rating to a "buy" rating in a research report on Sunday, August 2nd. Jefferies Financial Group reissued a "buy" rating and set a $62.00 target price on shares of Allegro MicroSystems in a research note on Thursday, May 7th. Wells Fargo & Company boosted their target price on shares of Allegro MicroSystems from $48.00 to $56.00 and gave the company an "overweight" rating in a report on Friday, May 8th. Evercore reaffirmed an "outperform" rating and set a $53.00 price target on shares of Allegro MicroSystems in a research report on Friday, May 8th. Finally, Barclays lowered Allegro MicroSystems from an "overweight" rating to an "equal weight" rating and set a $48.00 price objective for the company. in a research report on Monday, July 20th. One 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, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.45.

Allegro MicroSystems 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.

Want to see what other hedge funds are holding ALGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source