The Manufacturers Life Insurance Company Purchases New Shares in Allegro MicroSystems, Inc. $ALGM

The Manufacturers Life Insurance Company purchased a new position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 91,616 shares of the company’s stock, valued at approximately $6,378,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGM. S Squared Technology LLC bought a new position in shares of Allegro MicroSystems during the 2nd quarter worth approximately $23,145,239. Whalen Wealth Management Inc. bought a new position in shares of Allegro MicroSystems in the second quarter valued at approximately $445,000. Algert Global LLC grew its holdings in shares of Allegro MicroSystems by 868.0% in the second quarter. Algert Global LLC now owns 65,240 shares of the company’s stock valued at $4,542,000 after acquiring an additional 58,500 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Allegro MicroSystems during the second quarter valued at approximately $327,000. Finally, Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Allegro MicroSystems during the second quarter valued at approximately $200,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ALGM shares. Mizuho cut their price objective on Allegro MicroSystems from $67.00 to $58.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. UBS Group raised their target price on Allegro MicroSystems from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Morgan Stanley lifted their target price on Allegro MicroSystems from $51.00 to $52.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Needham & Company LLC boosted their price target on shares of Allegro MicroSystems from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, TD Cowen reduced their price target on shares of Allegro MicroSystems from $66.00 to $48.00 and set a “buy” rating for the company in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $53.45.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $35.77 on Monday. Allegro MicroSystems, Inc. has a twelve month low of $22.41 and a twelve month high of $71.77. The stock has a market cap of $6.67 billion, a PE ratio of 596.27, a P/E/G ratio of 1.13 and a beta of 1.94. The company has a quick ratio of 2.33, a current ratio of 3.70 and a debt-to-equity ratio of 0.30. The business’s 50-day moving average price is $47.71 and its 200-day moving average price is $43.38.

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

Insider Buying and Selling at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Erin Hagen sold 2,285 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $44.39, for a total value of $101,431.15. Following the completion of the transaction, the senior vice president directly owned 31,052 shares of the company’s stock, valued at $1,378,398.28. This trade represents a 6.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Richard Madormo sold 5,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $52.72, for a total transaction of $263,600.00. Following the transaction, the senior vice president owned 69,687 shares of the company’s stock, valued at $3,673,898.64. This trade represents a 6.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.50% of the stock is owned by company insiders.

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.