Granahan Investment Management LLC Acquires 125,144 Shares of Allegro MicroSystems, Inc. $ALGM

Key Points

• Granahan Investment Management boosted its stake in Allegro MicroSystems by 139.3% in Q1, buying 125,144 shares and bringing its total to 215,001 shares worth about $6.78 million.
• Several other institutional investors also increased their holdings, and 56.45% of Allegro MicroSystems’ stock is owned by institutions. Meanwhile, insiders have sold shares in recent months, including CAO Roald Graham Webster and SVP Sharon Briansky.
• Analysts remain mixed but generally positive: the stock has an average “Moderate Buy” rating with a $55.20 price target. Allegro also recently beat quarterly EPS and revenue estimates, though the shares were down 8.1% on the day cited.

Granahan Investment Management LLC grew its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 139.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 215,001 shares of the company's stock after buying an additional 125,144 shares during the period. Granahan Investment Management LLC owned approximately 0.12% of Allegro MicroSystems worth $6,779,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Bank of America Corp DE raised its position in shares of Allegro MicroSystems by 136.6% during the 3rd quarter. Bank of America Corp DE now owns 952,679 shares of the company's stock valued at $27,818,000 after buying an additional 3,556,410 shares in the last quarter. Invesco Ltd. grew its position in 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 in the last quarter. Alliancebernstein L.P. increased its stake in 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 stake in Allegro MicroSystems during the fourth quarter worth approximately $38,457,000. Finally, Adage Capital Partners GP L.L.C. increased its stake in Allegro MicroSystems by 77.8% during 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 last quarter. 56.45% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Allegro MicroSystems news, CAO Roald Graham Webster sold 5,217 shares of the company's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $44.88, for a total value of $234,138.96. Following the transaction, the chief accounting officer owned 13,106 shares of the company's stock, valued at $588,197.28. This represents a 28.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Sharon Briansky sold 8,948 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $47.54, for a total value of $425,387.92. Following the completion of the sale, the senior vice president owned 75,232 shares in the company, valued at approximately $3,576,529.28. The trade was a 10.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 68,607 shares of company stock worth $3,213,714 over the last ninety days. Corporate insiders own 0.50% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ALGM shares. Jefferies Financial Group reaffirmed a "buy" rating and issued a $62.00 price objective on shares of Allegro MicroSystems in a research note on Thursday, May 7th. Wall Street Zen downgraded Allegro MicroSystems from a "buy" rating to a "hold" rating in a research report on Saturday. Needham & Company LLC increased their price target on Allegro MicroSystems from $45.00 to $55.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Barclays downgraded Allegro MicroSystems from an "overweight" rating to an "equal weight" rating and set a $48.00 price target for the company. in a research report on Monday, July 20th. Finally, Mizuho lifted their price objective on shares of Allegro MicroSystems from $54.00 to $67.00 and gave the stock an "outperform" rating in a research note on Monday, June 29th. Nine investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $55.20.

Allegro MicroSystems Stock Down 8.1%

Shares of NASDAQ:ALGM opened at $46.03 on Friday. Allegro MicroSystems, Inc. has a 1 year low of $22.41 and a 1 year high of $71.77. The business has a 50 day simple moving average of $51.85 and a two-hundred day simple moving average of $42.14. The firm has a market capitalization of $8.58 billion, a PE ratio of -511.39 and a beta of 1.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.45 and a quick ratio of 2.21.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released 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. Allegro MicroSystems had a positive return on equity of 6.09% and a negative net margin of 1.67%.The firm had revenue of $243.19 million for the quarter, compared to analysts' expectations of $235.94 million. During the same quarter in the prior year, the firm posted $0.06 earnings per share. The company's quarterly revenue was up 26.1% on a year-over-year basis. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. On average, equities analysts predict that Allegro MicroSystems, Inc. will post 0.77 EPS for the current year.

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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