Allspring Global Investments Holdings LLC Sells 48,402 Shares of Allegro MicroSystems, Inc. $ALGM

Allspring Global Investments Holdings LLC lowered its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 13.6% in the 1st quarter, HoldingsChannel.com reports. The firm owned 307,624 shares of the company’s stock after selling 48,402 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Allegro MicroSystems were worth $10,244,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ALGM. Invesco Ltd. lifted its holdings in Allegro MicroSystems by 44.0% in 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 in the last quarter. State Street Corp grew its holdings in Allegro MicroSystems by 1.5% during the 4th quarter. State Street Corp now owns 5,359,488 shares of the company’s stock valued at $141,383,000 after buying an additional 78,203 shares in the last quarter. 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 valued at $73,968,000 after buying an additional 1,227,317 shares during the last quarter. Alliancebernstein L.P. raised its position in shares of Allegro MicroSystems by 189.4% during the second quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company’s stock valued at $94,360,000 after buying an additional 1,806,183 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Allegro MicroSystems by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 2,393,968 shares of the company’s stock worth $63,165,000 after buying an additional 24,839 shares in the last quarter. Institutional investors own 56.45% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGM has been the subject of a number of research reports. Jefferies Financial Group restated a “buy” rating and set a $62.00 target price on shares of Allegro MicroSystems in a research report on Thursday, May 7th. Mizuho raised their price objective on Allegro MicroSystems from $54.00 to $67.00 and gave the company an “outperform” rating in a research report on Monday, June 29th. Needham & Company LLC increased their price target on Allegro MicroSystems from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. UBS Group raised their price target on Allegro MicroSystems from $52.00 to $55.00 and gave the company a “buy” rating in a report on Friday, May 8th. Finally, Wall Street Zen raised Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, June 21st. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.20.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, CAO Roald Graham Webster sold 5,217 shares of the firm’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $44.88, for a total transaction of $234,138.96. Following the transaction, the chief accounting officer owned 13,106 shares of the company’s stock, valued at approximately $588,197.28. This trade represents a 28.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael Doogue sold 30,089 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were 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 approximately $11,939,602.31. This represents a 10.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 68,607 shares of company stock valued at $3,213,714 over the last three months. 0.50% of the stock is currently owned by corporate insiders.

Allegro MicroSystems Price Performance

Shares of ALGM stock opened at $49.87 on Thursday. The stock has a 50 day moving average price of $51.69 and a 200 day moving average price of $41.95. Allegro MicroSystems, Inc. has a 52-week low of $22.41 and a 52-week high of $71.77. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.21 and a current ratio of 3.45. The firm has a market capitalization of $9.29 billion, a P/E ratio of -554.05 and a beta of 1.90.

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

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.