Norges Bank Makes New $48.14 Million Investment in Allegro MicroSystems, Inc. $ALGM

Norges Bank bought a new position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the second quarter, Holdings Channel reports. The firm bought 1,407,943 shares of the company’s stock, valued at approximately $48,138,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. UMB Bank n.a. lifted its position in shares of Allegro MicroSystems by 29.2% during the second quarter. UMB Bank n.a. now owns 1,835 shares of the company’s stock valued at $63,000 after purchasing an additional 415 shares in the last quarter. Retirement Systems of Alabama increased its stake in Allegro MicroSystems by 0.3% in the 2nd quarter. Retirement Systems of Alabama now owns 200,781 shares of the company’s stock valued at $6,865,000 after buying an additional 668 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Allegro MicroSystems by 4.0% during the 2nd quarter. Teacher Retirement System of Texas now owns 19,573 shares of the company’s stock worth $669,000 after buying an additional 745 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Allegro MicroSystems by 3.1% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 31,652 shares of the company’s stock worth $1,082,000 after buying an additional 961 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Allegro MicroSystems by 7.2% in the first quarter. PNC Financial Services Group Inc. now owns 16,353 shares of the company’s stock valued at $411,000 after acquiring an additional 1,092 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on ALGM shares. Zacks Research upgraded Allegro MicroSystems to a “hold” rating in a report on Monday, August 11th. Barclays lifted their target price on Allegro MicroSystems from $30.00 to $35.00 and gave the stock an “overweight” rating in a research note on Friday, October 31st. Weiss Ratings restated a “sell (e+)” rating on shares of Allegro MicroSystems in a research report on Monday, December 1st. Evercore ISI raised their price objective on shares of Allegro MicroSystems from $37.00 to $49.00 and gave the stock an “outperform” rating in a report on Friday, October 31st. Finally, Bank of America dropped their target price on shares of Allegro MicroSystems from $45.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday, September 5th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

Allegro MicroSystems Stock Up 1.4%

Shares of NASDAQ ALGM opened at $29.22 on Friday. The company has a quick ratio of 2.48, a current ratio of 3.89 and a debt-to-equity ratio of 0.30. The company has a market cap of $5.41 billion, a P/E ratio of -182.63 and a beta of 1.62. Allegro MicroSystems, Inc. has a 52 week low of $16.38 and a 52 week high of $38.45. The business has a 50-day simple moving average of $27.67 and a two-hundred day simple moving average of $30.13.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, October 30th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.12 by $0.01. The firm had revenue of $214.29 million during the quarter, compared to the consensus estimate of $210.75 million. Allegro MicroSystems had a negative net margin of 3.60% and a positive return on equity of 2.90%. The business’s quarterly revenue was up 14.4% compared to the same quarter last year. During the same period last year, the firm earned $0.08 EPS. Allegro MicroSystems has set its Q3 2026 guidance at 0.120-0.160 EPS. Research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

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.