Allegro MicroSystems (NASDAQ:ALGM) Hits New 52-Week High – Here’s Why

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s share price hit a new 52-week high on Monday . The stock traded as high as $54.54 and last traded at $54.56, with a volume of 857171 shares. The stock had previously closed at $50.40.

Wall Street Analyst Weigh In

ALGM has been the topic of several research reports. Jefferies Financial Group reiterated a “buy” rating and set a $62.00 price objective on shares of Allegro MicroSystems in a report on Thursday, May 7th. Wall Street Zen lowered shares of Allegro MicroSystems from a “buy” rating to a “hold” rating in a report on Saturday. Mizuho upped their price objective on shares of Allegro MicroSystems from $44.00 to $54.00 and gave the company an “outperform” rating in a report on Friday, May 8th. Evercore restated an “outperform” rating and issued a $53.00 target price on shares of Allegro MicroSystems in a report on Friday, May 8th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Allegro MicroSystems in a report on Wednesday, May 6th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.80.

Allegro MicroSystems Stock Up 9.3%

The stock’s 50-day moving average price is $43.99 and its two-hundred day moving average price is $36.40. The stock has a market capitalization of $10.26 billion, a P/E ratio of -611.60 and a beta of 1.98. The company has a current ratio of 3.45, a quick ratio of 2.21 and a debt-to-equity ratio of 0.30.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.16 by $0.01. The company had revenue of $243.19 million during the quarter, compared to the consensus estimate of $235.94 million. Allegro MicroSystems had a negative net margin of 1.67% and a positive return on equity of 6.09%. Allegro MicroSystems’s revenue for the quarter was up 26.1% on a year-over-year basis. During the same period last year, the firm earned $0.06 EPS. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. As a group, research analysts expect that Allegro MicroSystems, Inc. will post 0.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Allegro MicroSystems news, SVP Richard Madormo sold 5,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $52.72, for a total value of $263,600.00. Following the sale, the senior vice president directly owned 69,687 shares in the company, valued at $3,673,898.64. This represents a 6.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Roald Graham Webster sold 5,217 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $44.88, for a total transaction of $234,138.96. Following the completion of the sale, the chief accounting officer owned 13,106 shares in the company, valued at $588,197.28. This represents a 28.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 68,607 shares of company stock worth $3,213,714 in the last 90 days. 0.40% of the stock is currently owned by company insiders.

Institutional Trading of Allegro MicroSystems

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hantz Financial Services Inc. raised its position in shares of Allegro MicroSystems by 86.9% during the 3rd quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock valued at $26,000 after buying an additional 419 shares in the last quarter. Parallel Advisors LLC lifted its stake in Allegro MicroSystems by 42.8% during the first quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock worth $32,000 after purchasing an additional 302 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Allegro MicroSystems during the fourth quarter worth about $34,000. CIBC Private Wealth Group LLC lifted its stake in Allegro MicroSystems by 14,844.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock worth $35,000 after purchasing an additional 1,336 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Allegro MicroSystems by 85.8% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,449 shares of the company’s stock worth $38,000 after purchasing an additional 669 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

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.