Allegro MicroSystems (NASDAQ:ALGM) Stock Price Target Lowered at TD Cowen

by · The Cerbat Gem

Allegro MicroSystems (NASDAQ:ALGM – Free Report) had its target price trimmed by TD Cowen from $48.00 to $40.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently issued reports on ALGM. Royal Bank Of Canada assumed coverage on shares of Allegro MicroSystems in a research note on Friday, October 2nd. They set an “outperform” rating and a $50.00 target price on the stock. Barclays downgraded Allegro MicroSystems from an “overweight” rating to an “equal weight” rating and set a $48.00 target price on the stock. in a research report on Monday, July 20th. Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a research report on Sunday, August 2nd. Weiss Ratings upgraded Allegro MicroSystems from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Finally, Needham & Company LLC lifted their price target on shares of Allegro MicroSystems from $55.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.50.

Get Our Latest Stock Analysis on Allegro MicroSystems

Allegro MicroSystems Stock Up 4.9%

ALGM stock opened at $33.17 on Monday. Allegro MicroSystems has a twelve month low of $22.41 and a twelve month high of $71.77. 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 has a 50 day moving average of $36.54 and a 200 day moving average of $43.47. The firm has a market cap of $6.18 billion, a PE ratio of 552.93, a price-to-earnings-growth ratio of 1.00 and a beta of 1.99.

Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last posted 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. The firm had revenue of $259.24 million during the quarter, compared to analyst estimates of $251.44 million. Allegro MicroSystems had a return on equity of 8.30% and a net margin of 1.50%. Allegro MicroSystems’s quarterly revenue was up 27.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.09 EPS. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. On average, research analysts forecast that Allegro MicroSystems will post 0.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, SVP Erin Hagen sold 2,285 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $44.39, for a total value of $101,431.15. Following the sale, the senior vice president directly owned 31,052 shares of the company’s stock, valued at $1,378,398.28. This represents a 6.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Several institutional investors and hedge funds have recently made changes to their positions in ALGM. State of Wyoming bought a new position in Allegro MicroSystems in the second quarter worth approximately $2,247,000. Legal & General Group Plc bought a new position in Allegro MicroSystems in the second quarter worth about $11,469,000. Wellington Management Group LLP raised its stake in shares of Allegro MicroSystems by 21.1% during the 2nd quarter. Wellington Management Group LLP now owns 814,937 shares of the company’s stock worth $56,736,000 after acquiring an additional 141,841 shares in the last quarter. Nippon Life Global Investors Americas Inc. purchased a new stake in shares of Allegro MicroSystems during the 2nd quarter valued at $10,016,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Allegro MicroSystems in the second quarter valued at about $1,634,000. 56.45% of the stock is currently owned by institutional investors.

About Allegro MicroSystems

(Get Free Report)

Allegro MicroSystems, Inc is a semiconductor company that develops and manufactures magnetic sensing and power-management solutions. Its products are designed to help monitor motion, position, speed, current and temperature, as well as control power in electronic systems.

The company’s portfolio includes Hall-effect and other magnetic sensors, current sensors, motor drivers, regulators, LED drivers and related integrated circuits. These products are used in automotive applications such as advanced driver-assistance systems, vehicle electrification, powertrain systems, comfort features and safety systems, as well as in industrial and consumer equipment.

Founded in 1990 and headquartered in Manchester, New Hampshire, Allegro serves customers globally through its international operations and distribution network.

Further Reading