Synovus Financial Corp Purchases Shares of 23,034 Allegro MicroSystems, Inc. $ALGM

Key Points

• Synovus Financial Corp acquired a new stake in Allegro MicroSystems, Inc. during the first quarter, purchasing 23,034 shares valued at approximately $579,000.
• Institutional investors hold 56.45% of Allegro MicroSystems' stock, with several firms recently increasing their positions significantly.
• Analysts upgraded their price targets for Allegro MicroSystems, with UBS raising it from $35.00 to $42.00, reflecting a positive outlook for the company.

Synovus Financial Corp bought a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 23,034 shares of the company's stock, valued at approximately $579,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp boosted its holdings in shares of Allegro MicroSystems by 63.7% in the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after purchasing an additional 504 shares during the period. UMB Bank n.a. boosted its holdings in shares of Allegro MicroSystems by 68.6% in the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock worth $36,000 after purchasing an additional 578 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Allegro MicroSystems in the 1st quarter worth approximately $71,000. Quarry LP purchased a new position in shares of Allegro MicroSystems in the 4th quarter worth approximately $79,000. Finally, Summit Securities Group LLC boosted its holdings in shares of Allegro MicroSystems by 257.8% in the 1st quarter. Summit Securities Group LLC now owns 4,000 shares of the company's stock worth $101,000 after purchasing an additional 2,882 shares during the period. Hedge funds and other institutional investors own 56.45% of the company's stock.

Allegro MicroSystems Stock Down 3.6%

NASDAQ ALGM traded down $1.16 on Friday, reaching $30.85. 1,204,008 shares of the stock traded hands, compared to its average volume of 1,336,547. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.26 and a current ratio of 3.70. The company has a fifty day moving average price of $33.34 and a 200-day moving average price of $27.68. The company has a market cap of $5.71 billion, a price-to-earnings ratio of -83.38 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 issued its earnings results on Thursday, July 31st. The company reported $0.09 earnings per share for the quarter, meeting analysts' consensus estimates 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%.Allegro MicroSystems's revenue was up 21.9% on a year-over-year basis. During the same period in the previous 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 forecast that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ALGM shares. Zacks Research raised Allegro MicroSystems to a "hold" rating in a research note on Monday, August 11th. Mizuho raised their price target on Allegro MicroSystems from $37.00 to $40.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Needham & Company LLC raised 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. TD Cowen decreased their price target on Allegro MicroSystems from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Friday, August 1st. Finally, Morgan Stanley decreased their price target on Allegro MicroSystems from $38.00 to $35.00 and set an "equal weight" rating for the company in a research note on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $37.56.

Insider Activity at Allegro MicroSystems

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

Allegro MicroSystems Company Profile

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.