Allegro MicroSystems, Inc. $ALGM Stock Position Decreased by Needham Investment Management LLC

Key Points

• Needham Investment Management LLC reduced its stake in Allegro MicroSystems by 44.4%, selling 40,000 shares during the first quarter, resulting in holdings worth $1.26 million.
• Several institutional investors, including Millennium Management LLC and AllianceBernstein L.P., have increased their positions in Allegro MicroSystems significantly, with Millennium raising its stake by 81.4%.
• Allegro MicroSystems reports a 21.9% year-over-year revenue increase, reaching $203.41 million for the last quarter, while maintaining a consensus EPS estimate of $0.09.

Needham Investment Management LLC trimmed its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 44.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 50,000 shares of the company's stock after selling 40,000 shares during the quarter. Needham Investment Management LLC's holdings in Allegro MicroSystems were worth $1,256,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Millennium Management LLC raised its position in shares of Allegro MicroSystems by 81.4% during the 1st quarter. Millennium Management LLC now owns 2,402,978 shares of the company's stock worth $60,387,000 after purchasing an additional 1,078,025 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Allegro MicroSystems by 12.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 157,197 shares of the company's stock worth $3,950,000 after purchasing an additional 16,952 shares during the period. Alliancebernstein L.P. raised its position in shares of Allegro MicroSystems by 80.6% during the 1st quarter. Alliancebernstein L.P. now owns 953,689 shares of the company's stock worth $23,966,000 after purchasing an additional 425,516 shares during the period. AQR Capital Management LLC acquired a new stake in shares of Allegro MicroSystems during the 1st quarter worth approximately $325,000. Finally, Advisors Asset Management Inc. raised its position in shares of Allegro MicroSystems by 18.4% during the 1st quarter. Advisors Asset Management Inc. now owns 22,672 shares of the company's stock worth $570,000 after purchasing an additional 3,523 shares during the period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Zacks Research upgraded Allegro MicroSystems to a "hold" rating in a research report on Monday, August 11th. TD Cowen lowered their target price on Allegro MicroSystems from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Friday, August 1st. Mizuho raised their target price on Allegro MicroSystems from $37.00 to $40.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. UBS Group raised their target price on Allegro MicroSystems from $35.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Finally, Needham & Company LLC increased their price target on Allegro MicroSystems from $25.00 to $37.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Allegro MicroSystems has a consensus rating of "Moderate Buy" and a consensus target price of $36.78.

Allegro MicroSystems Price Performance

NASDAQ ALGM traded down $0.01 on Thursday, reaching $30.51. 561,840 shares of the stock traded hands, compared to its average volume of 2,678,347. The firm's fifty day simple moving average is $32.82 and its 200 day simple moving average is $27.87. 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 company has a market cap of $5.64 billion, a price-to-earnings ratio of -82.34 and a beta of 1.74. Allegro MicroSystems, Inc. has a 12 month low of $16.38 and a 12 month high of $38.45.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, hitting the consensus estimate of $0.09. The business had revenue of $203.41 million during the quarter, compared to analyst estimates of $197.82 million. Allegro MicroSystems had a positive return on equity of 2.09% and a negative net margin of 9.00%.The company's revenue was up 21.9% compared to the same quarter last year. During the same period last year, the company posted $0.03 EPS. Allegro MicroSystems has set its Q2 2026 guidance at 0.100-0.140 EPS. As a group, research analysts predict that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

Insider Buying and Selling at Allegro MicroSystems

In other news, CAO Roald Graham Webster sold 8,266 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $32.81, for a total transaction of $271,207.46. Following the completion of the sale, the chief accounting officer directly owned 17,300 shares of the company's stock, valued at $567,613. This trade represents a 32.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.40% of the stock is currently owned by corporate insiders.

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.