Nippon Life Global Investors Americas Inc. Purchases Shares of 143,870 Allegro MicroSystems, Inc. $ALGM

Nippon Life Global Investors Americas Inc. purchased a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 143,870 shares of the company’s stock, valued at approximately $10,016,000.

Other hedge funds also recently modified their holdings of the company. Bank of America Corp DE grew its stake in shares of Allegro MicroSystems by 136.6% in the third quarter. Bank of America Corp DE now owns 952,679 shares of the company’s stock worth $27,818,000 after purchasing an additional 3,556,410 shares during the last quarter. Invesco Ltd. raised its position in Allegro MicroSystems by 44.0% during the 4th quarter. Invesco Ltd. now owns 7,651,051 shares of the company’s stock worth $201,835,000 after purchasing an additional 2,338,624 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Allegro MicroSystems by 189.4% during the 2nd quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company’s stock worth $94,360,000 after buying an additional 1,806,183 shares during the period. Norges Bank bought a new stake in shares of Allegro MicroSystems in the 4th quarter valued at about $38,457,000. Finally, Adage Capital Partners GP L.L.C. raised its position in shares of Allegro MicroSystems by 77.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 2,803,944 shares of the company’s stock worth $73,968,000 after acquiring an additional 1,227,317 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Shares of Allegro MicroSystems stock opened at $44.39 on Monday. The business has a 50-day simple moving average of $50.48 and a 200 day simple moving average of $43.37. Allegro MicroSystems, Inc. has a one year low of $22.41 and a one year high of $71.77. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.70 and a quick ratio of 2.33. The firm has a market capitalization of $8.27 billion, a price-to-earnings ratio of 739.96, a PEG ratio of 1.40 and a beta of 1.94.

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

Insider Transactions at Allegro MicroSystems

In other news, 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 transaction of $263,600.00. Following the transaction, the senior vice president directly owned 69,687 shares of the company’s stock, valued at $3,673,898.64. This represents a 6.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Roald Graham Webster sold 5,217 shares of the stock in a transaction 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 transaction, the chief accounting officer owned 13,106 shares in the company, valued at approximately $588,197.28. This represents a 28.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,502 shares of company stock valued at $599,170 over the last ninety days. 0.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ALGM shares. Wall Street Zen upgraded Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. Wells Fargo & Company raised their price target on shares of Allegro MicroSystems from $48.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Mizuho dropped their price target on shares of Allegro MicroSystems from $67.00 to $58.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Weiss Ratings raised shares of Allegro MicroSystems from a “sell (d-)” rating to a “sell (d+)” rating in a research note on Monday, August 3rd. Finally, Evercore reiterated an “outperform” rating and set a $53.00 price objective on shares of Allegro MicroSystems in a research report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $53.45.

Allegro MicroSystems Profile

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.