Renaissance Technologies LLC Trims Position in Allegro MicroSystems, Inc. $ALGM

Key Points

• Renaissance Technologies cut its Allegro MicroSystems position by 71.6% in the first quarter, selling 312,300 shares and retaining 123,900 shares worth approximately $3.9 million. Institutional investors collectively own 56.45% of the company.
• Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $52.80, although Barclays downgraded the stock to “equal weight.”
• Allegro’s latest quarterly results exceeded expectations: EPS was $0.23 versus the $0.21 estimate, revenue reached $259.24 million, and sales increased 27.5% year over year.

Renaissance Technologies LLC trimmed its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 71.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 123,900 shares of the company's stock after selling 312,300 shares during the period. Renaissance Technologies LLC owned 0.07% of Allegro MicroSystems worth $3,907,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Parallel Advisors LLC increased its stake in Allegro MicroSystems by 42.8% in the 1st quarter. Parallel Advisors LLC now owns 1,008 shares of the company's stock worth $32,000 after buying an additional 302 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in Allegro MicroSystems during the fourth quarter valued at about $34,000. CIBC Private Wealth Group LLC lifted its position in shares of Allegro MicroSystems by 14,844.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company's stock valued at $35,000 after acquiring an additional 1,336 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of Allegro MicroSystems by 85.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company's stock worth $38,000 after acquiring an additional 669 shares during the period. Finally, Farther Finance Advisors LLC boosted its stake in shares of Allegro MicroSystems by 815.4% in the fourth quarter. Farther Finance Advisors LLC now owns 2,142 shares of the company's stock worth $57,000 after acquiring an additional 1,908 shares during the period. Hedge funds and other institutional investors own 56.45% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Needham & Company LLC lifted their target price on Allegro MicroSystems from $55.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. TD Cowen cut 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. Wells Fargo & Company lifted their price objective on shares of Allegro MicroSystems from $48.00 to $56.00 and gave the company an "overweight" rating in a research report on Friday, May 8th. Barclays downgraded shares of Allegro MicroSystems from an "overweight" rating to an "equal weight" rating and set a $48.00 target price on the stock. in a report on Monday, July 20th. Finally, Morgan Stanley raised their target price on shares of Allegro MicroSystems from $51.00 to $52.00 and gave the company an "overweight" rating in a research note on Friday, July 31st. Nine research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $52.80.

Insiders Place Their Bets

In related news, SVP Richard Madormo sold 5,000 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were 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 of the company's stock, valued at approximately $3,673,898.64. This trade represents a 6.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael Doogue sold 30,089 shares of Allegro MicroSystems stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $47.23, for a total value of $1,421,103.47. Following the completion of the transaction, the chief executive officer owned 252,797 shares of the company's stock, valued at approximately $11,939,602.31. This represents a 10.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 68,607 shares of company stock worth $3,213,714. Insiders own 0.50% of the company's stock.

Allegro MicroSystems Stock Performance

NASDAQ:ALGM opened at $43.77 on Friday. The company has a market cap of $8.16 billion, a price-to-earnings ratio of 729.62, a PEG ratio of 1.34 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. The stock's 50 day simple moving average is $51.17 and its two-hundred day simple moving average is $42.95. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.70 and a quick ratio of 2.33.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported $0.23 EPS for the quarter, beating analysts' consensus estimates of $0.21 by $0.02. Allegro MicroSystems had a return on equity of 8.30% and a net margin of 1.50%.The firm had revenue of $259.24 million during the quarter, compared to the consensus estimate of $251.44 million. During the same period in the prior year, the company earned $0.09 EPS. The company's quarterly revenue was up 27.5% compared to the same quarter last year. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. As a group, equities analysts anticipate that Allegro MicroSystems, Inc. will post 0.65 earnings per share for the current fiscal year.

About Allegro MicroSystems

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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