Bank of America Issues Positive Forecast for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM) had its target price raised by Bank of America from $36.00 to $39.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price would indicate a potential upside of 14.65% from the stock’s previous close.

ALGM has been the topic of several other reports. TD Cowen upped their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a report on Friday, October 31st. Mizuho set a $38.00 target price on Allegro MicroSystems in a research report on Tuesday, December 16th. Cowen reiterated a “buy” rating on shares of Allegro MicroSystems in a report on Friday, October 31st. UBS Group raised their price target on Allegro MicroSystems from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Allegro MicroSystems in a research report on Monday, December 29th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems currently has an average rating of “Moderate Buy” and an average target price of $38.89.

Allegro MicroSystems Trading Up 3.2%

NASDAQ:ALGM traded up $1.05 during midday trading on Wednesday, hitting $34.02. 181,493 shares of the company traded hands, compared to its average volume of 2,248,480. The firm has a market capitalization of $6.30 billion, a P/E ratio of -212.43 and a beta of 1.61. The firm’s fifty day moving average is $27.64 and its 200-day moving average is $29.86. Allegro MicroSystems has a 12-month low of $16.38 and a 12-month high of $38.45. The company has a current ratio of 3.89, a quick ratio of 2.48 and a debt-to-equity ratio of 0.30.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.01. Allegro MicroSystems had a negative net margin of 3.60% and a positive return on equity of 2.90%. The business had revenue of $214.29 million for the quarter, compared to analysts’ expectations of $210.75 million. During the same quarter in the previous year, the business posted $0.08 earnings per share. The business’s revenue was up 14.4% compared to the same quarter last year. Allegro MicroSystems has set its Q3 2026 guidance at 0.120-0.160 EPS. On average, sell-side analysts predict that Allegro MicroSystems will post 0.01 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Bank of America Corp DE raised its position in Allegro MicroSystems by 136.6% during the 3rd quarter. Bank of America Corp DE now owns 952,679 shares of the company’s stock valued at $27,818,000 after purchasing an additional 3,556,410 shares in the last quarter. Alliancebernstein L.P. raised its position in Allegro MicroSystems by 189.4% during the 2nd quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company’s stock worth $94,360,000 after buying an additional 1,806,183 shares during the last quarter. Invesco Ltd. grew its position in Allegro MicroSystems by 29.3% during the 2nd quarter. Invesco Ltd. now owns 6,254,575 shares of the company’s stock worth $213,844,000 after purchasing an additional 1,418,934 shares during the period. Norges Bank purchased a new position in shares of Allegro MicroSystems during the 2nd quarter valued at about $48,138,000. Finally, Capital Research Global Investors boosted its stake in shares of Allegro MicroSystems by 5.8% in the third quarter. Capital Research Global Investors now owns 16,824,722 shares of the company’s stock worth $491,282,000 after buying an additional 920,365 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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.