Allegro MicroSystems (NASDAQ:ALGM) Hits New 52-Week High – Time to Buy?

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

Analysts Set New Price Targets

Several analysts have recently commented on ALGM shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Allegro MicroSystems in a report on Wednesday, May 6th. Barclays boosted their target price on Allegro MicroSystems from $46.00 to $48.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. TD Cowen increased their price target on Allegro MicroSystems from $55.00 to $70.00 and gave the company a “buy” rating in a research note on Monday. Mizuho raised their price target on Allegro MicroSystems from $44.00 to $54.00 and gave the stock an “outperform” rating in a report on Friday, May 8th. Finally, Jefferies Financial Group restated a “buy” rating and set a $62.00 price target on shares of Allegro MicroSystems in a research note on Thursday, May 7th. Ten research 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.30.

Allegro MicroSystems Stock Down 9.8%

The company has a debt-to-equity ratio of 0.30, a current ratio of 3.45 and a quick ratio of 2.21. The business’s fifty day moving average price is $47.11 and its two-hundred day moving average price is $37.90. The stock has a market capitalization of $10.34 billion, a PE ratio of -616.82 and a beta of 1.98.

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

Insider Transactions at Allegro MicroSystems

In related news, CEO Michael Doogue sold 30,089 shares of Allegro MicroSystems stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $47.23, for a total transaction of $1,421,103.47. Following the completion of the sale, the chief executive officer owned 252,797 shares of the company’s stock, valued at $11,939,602.31. The trade was a 10.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Richard Madormo sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $52.72, for a total value of $263,600.00. Following the completion of the sale, the senior vice president owned 69,687 shares in the company, 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. Over the last 90 days, insiders sold 68,607 shares of company stock valued at $3,213,714. 0.40% of the stock is owned by company insiders.

Institutional Trading of Allegro MicroSystems

Several large investors have recently made changes to their positions in ALGM. Parallel Advisors LLC raised its holdings in shares of Allegro MicroSystems by 42.8% during the first quarter. Parallel Advisors LLC now owns 1,008 shares of the company’s stock worth $32,000 after purchasing an additional 302 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in Allegro MicroSystems in the fourth quarter valued at $34,000. CIBC Private Wealth Group LLC boosted its holdings in Allegro MicroSystems by 14,844.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock valued at $35,000 after purchasing an additional 1,336 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its position in Allegro MicroSystems by 85.8% during the 4th 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. Finally, Farther Finance Advisors LLC grew its position in Allegro MicroSystems by 815.4% during the 4th quarter. Farther Finance Advisors LLC now owns 2,142 shares of the company’s stock worth $57,000 after purchasing an additional 1,908 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Company 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.