Allegro MicroSystems (NASDAQ:ALGM) Hits New 52-Week High – What’s Next?

Allegro MicroSystems, Inc. (NASDAQ:ALGM)’s share price reached a new 52-week high on Monday . The stock traded as high as $60.30 and last traded at $60.6560, with a volume of 14776 shares trading hands. The stock had previously closed at $59.00.

Analyst Upgrades and Downgrades

ALGM has been the subject of several research analyst reports. Evercore restated an “outperform” rating and issued a $53.00 price objective on shares of Allegro MicroSystems in a research note on Friday, May 8th. Barclays increased their price target on shares of Allegro MicroSystems from $46.00 to $48.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Allegro MicroSystems in a research note on Wednesday, May 6th. TD Cowen reaffirmed a “buy” rating on shares of Allegro MicroSystems in a report on Monday. Finally, Needham & Company LLC increased their price objective on shares of Allegro MicroSystems from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and a consensus target price of $51.80.

Allegro MicroSystems Stock Performance

The business’s 50-day simple moving average is $46.26 and its two-hundred day simple moving average is $37.46. The company has a quick ratio of 2.21, a current ratio of 3.45 and a debt-to-equity ratio of 0.30. The firm has a market cap of $10.98 billion, a price-to-earnings ratio of -658.40 and a beta of 1.98.

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

Insider Buying and Selling

In other news, CAO Roald Graham Webster sold 5,217 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $44.88, for a total value of $234,138.96. Following the completion of the sale, the chief accounting officer directly owned 13,106 shares in the company, valued at $588,197.28. The trade was a 28.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Richard Madormo sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $52.72, for a total value of $263,600.00. Following the transaction, the senior vice president directly owned 69,687 shares of the company’s stock, valued at approximately $3,673,898.64. The trade was a 6.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 68,607 shares of company stock valued at $3,213,714 in the last 90 days. Corporate insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

Large investors have recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its stake in Allegro MicroSystems by 42.8% during the 1st quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock worth $32,000 after acquiring an additional 302 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Allegro MicroSystems by 2.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,713 shares of the company’s stock valued at $430,000 after acquiring an additional 381 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its position in Allegro MicroSystems by 3.0% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 14,268 shares of the company’s stock valued at $376,000 after acquiring an additional 419 shares in the last quarter. State of Michigan Retirement System increased its stake in Allegro MicroSystems by 2.0% during the first quarter. State of Michigan Retirement System now owns 29,900 shares of the company’s stock worth $943,000 after purchasing an additional 600 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased 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 period. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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.