Barclays Downgrades Allegro MicroSystems (NASDAQ:ALGM) to Equal Weight

Allegro MicroSystems (NASDAQ:ALGM) was downgraded by analysts at Barclays from an “overweight” rating to an “equal weight” rating in a report released on Monday, MarketBeat reports. They presently have a $48.00 price objective on the stock. Barclays‘s price target indicates a potential downside of 2.74% from the company’s current price.

A number of other analysts have also issued reports on ALGM. Weiss Ratings reiterated a “sell (d-)” rating on shares of Allegro MicroSystems in a research note on Wednesday, May 6th. Needham & Company LLC raised their price target on shares of Allegro MicroSystems from $45.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Wall Street Zen raised shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, June 21st. Mizuho boosted their price objective on shares of Allegro MicroSystems from $54.00 to $67.00 and gave the stock an “outperform” rating in a report on Monday, June 29th. Finally, UBS Group upped their price objective on shares of Allegro MicroSystems from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.20.

Allegro MicroSystems Trading Up 6.4%

Shares of ALGM stock opened at $49.35 on Monday. The firm’s 50 day moving average price is $51.61 and its two-hundred day moving average price is $41.78. The company has a quick ratio of 2.21, a current ratio of 3.45 and a debt-to-equity ratio of 0.30. Allegro MicroSystems has a fifty-two week low of $22.41 and a fifty-two week high of $71.77. The stock has a market cap of $9.19 billion, a price-to-earnings ratio of -548.27 and a beta of 1.90.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.17 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $235.94 million. During the same period last year, the company posted $0.06 earnings per share. The firm’s revenue was up 26.1% compared to the same quarter last year. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. On average, analysts anticipate that Allegro MicroSystems will post 0.77 EPS for the current year.

Insider Activity at Allegro MicroSystems

In related news, SVP Sharon Briansky sold 8,948 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $47.54, for a total transaction of $425,387.92. Following the transaction, the senior vice president directly owned 75,232 shares in the company, valued at $3,576,529.28. This trade represents a 10.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Susan D. Lynch sold 16,711 shares of Allegro MicroSystems stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $45.46, for a total transaction of $759,682.06. Following the completion of the transaction, the director directly owned 12,805 shares of the company’s stock, valued at approximately $582,115.30. This represents a 56.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 68,607 shares of company stock worth $3,213,714 over the last quarter. 0.50% of the stock is owned by corporate insiders.

Institutional Trading of Allegro MicroSystems

A number of institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada boosted its holdings in shares of Allegro MicroSystems by 70.0% in the 1st quarter. Royal Bank of Canada now owns 117,923 shares of the company’s stock valued at $2,964,000 after buying an additional 48,554 shares during the period. AQR Capital Management LLC acquired a new stake in Allegro MicroSystems during the first quarter worth about $325,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Allegro MicroSystems by 31.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company’s stock worth $8,911,000 after acquiring an additional 85,607 shares during the last quarter. Prudential Financial Inc. lifted its holdings in Allegro MicroSystems by 24.0% in the second quarter. Prudential Financial Inc. now owns 15,684 shares of the company’s stock worth $536,000 after acquiring an additional 3,040 shares during the last quarter. Finally, First Trust Advisors LP boosted its stake in Allegro MicroSystems by 5.4% in the second quarter. First Trust Advisors LP now owns 576,478 shares of the company’s stock valued at $19,710,000 after acquiring an additional 29,531 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.

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.