Allegro MicroSystems, Inc. $ALGM Shares Purchased by Millennium Management LLC

Millennium Management LLC raised its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 81.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,402,978 shares of the company's stock after purchasing an additional 1,078,025 shares during the period. Millennium Management LLC owned 1.31% of Allegro MicroSystems worth $60,387,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of ALGM. Invesco Ltd. grew its position in shares of Allegro MicroSystems by 131.5% in the 1st quarter. Invesco Ltd. now owns 4,835,641 shares of the company's stock worth $121,520,000 after buying an additional 2,746,880 shares during the last quarter. Kodai Capital Management LP acquired a new stake in Allegro MicroSystems in the first quarter valued at approximately $41,610,000. Segall Bryant & Hamill LLC acquired a new position in shares of Allegro MicroSystems during the first quarter worth $32,959,000. Meridiem Capital Partners LP acquired a new position in shares of Allegro MicroSystems during the fourth quarter worth $25,140,000. Finally, Wellington Management Group LLP lifted its holdings in shares of Allegro MicroSystems by 30.5% during the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock valued at $87,302,000 after purchasing an additional 934,048 shares during the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Allegro MicroSystems

In other news, CAO Roald Graham Webster sold 8,266 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $32.81, for a total value of $271,207.46. Following the sale, the chief accounting officer owned 17,300 shares in the company, valued at $567,613. This represents a 32.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.40% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on ALGM. UBS Group boosted their target price on Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Needham & Company LLC boosted their price target on Allegro MicroSystems from $25.00 to $37.00 and gave the stock a "buy" rating in a research note on Thursday, July 31st. Zacks Research upgraded shares of Allegro MicroSystems to a "hold" rating in a report on Monday, August 11th. Wall Street Zen raised shares of Allegro MicroSystems from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Finally, Bank of America lowered their target price on shares of Allegro MicroSystems from $45.00 to $38.00 and set a "buy" rating for the company in a research note on Friday, September 5th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $36.78.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM traded down $0.13 during midday trading on Friday, reaching $29.84. The company's stock had a trading volume of 657,578 shares, compared to its average volume of 2,672,505. The company has a quick ratio of 2.26, a current ratio of 3.70 and a debt-to-equity ratio of 0.34. The stock has a fifty day moving average of $32.70 and a 200 day moving average of $27.91. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $38.45. The firm has a market capitalization of $5.52 billion, a PE ratio of -80.65 and a beta of 1.74.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.09 EPS for the quarter, meeting the consensus estimate of $0.09. The company had revenue of $203.41 million for the quarter, compared to analyst estimates of $197.82 million. Allegro MicroSystems had a negative net margin of 9.00% and a positive return on equity of 2.09%. The firm's revenue was up 21.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.03 earnings per share. Allegro MicroSystems has set its Q2 2026 guidance at 0.100-0.140 EPS. On average, equities analysts expect that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

About Allegro MicroSystems

Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.