Benchmark Upgrades Allegro MicroSystems (NASDAQ:ALGM) to “Strong-Buy”

Allegro MicroSystems (NASDAQ:ALGM) was upgraded by Benchmark to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

ALGM has been the topic of several other reports. Evercore reaffirmed an “outperform” rating and set a $53.00 price target on shares of Allegro MicroSystems in a research report on Friday, May 8th. Mizuho lowered their price objective on shares of Allegro MicroSystems from $67.00 to $58.00 and set an “outperform” rating on the stock in a research note on Friday, July 31st. Needham & Company LLC upped their target price on shares of Allegro MicroSystems from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Barclays cut 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, Weiss Ratings upgraded Allegro MicroSystems from a “sell (d-)” rating to a “sell (d+)” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and an average price target of $53.45.

Allegro MicroSystems Stock Up 0.6%

NASDAQ:ALGM opened at $44.39 on Wednesday. The firm has a market capitalization of $8.27 billion, a price-to-earnings ratio of 739.96, a price-to-earnings-growth ratio of 1.39 and a beta of 1.94. Allegro MicroSystems has a twelve month low of $22.41 and a twelve month high of $71.77. The stock’s 50 day moving average price is $50.48 and its two-hundred day moving average price is $43.29. The company has a quick ratio of 2.33, a current ratio of 3.70 and a debt-to-equity ratio of 0.30.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. The company had revenue of $259.24 million for the quarter, compared to analysts’ expectations of $251.44 million. Allegro MicroSystems had a return on equity of 8.30% and a net margin of 1.50%.The business’s revenue was up 27.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.09 EPS. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. Equities research analysts expect that Allegro MicroSystems will post 0.65 earnings per share for the current fiscal year.

Insider Activity at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Erin Hagen sold 2,285 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $44.39, for a total transaction of $101,431.15. Following the completion of the sale, the senior vice president directly owned 31,052 shares in the company, valued at $1,378,398.28. This trade represents a 6.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Richard Madormo sold 5,000 shares of the business’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 sale, the senior vice president owned 69,687 shares of the company’s stock, valued at approximately $3,673,898.64. This represents a 6.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 15,144 shares of company stock valued at $708,972 in the last 90 days. Insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Institutional investors have recently added to or reduced their stakes in the company. Rakuten Securities Inc. acquired a new position in Allegro MicroSystems in the 2nd quarter valued at $31,000. First Bancorp Inc ME acquired a new stake in shares of Allegro MicroSystems during the second quarter worth $49,000. Parallel Advisors LLC boosted its position in shares of Allegro MicroSystems by 42.8% in the first quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock valued at $32,000 after acquiring an additional 302 shares during the period. Harbor Investment Advisory LLC bought a new stake in shares of Allegro MicroSystems in the second quarter valued at about $72,000. Finally, Kestra Advisory Services LLC acquired a new position in shares of Allegro MicroSystems in the fourth quarter valued at about $34,000. 56.45% of the stock is currently owned by institutional investors.

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.