Corient Private Wealth LP Invests $1.35 Million in Allegro MicroSystems, Inc. $ALGM

Corient Private Wealth LP purchased a new stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 19,406 shares of the company’s stock, valued at approximately $1,351,000.

Several other hedge funds and other institutional investors have also bought and sold shares of ALGM. BlackRock Inc. purchased a new position in shares of Allegro MicroSystems in the second quarter valued at about $966,975,000. Bank of America Corp DE grew its position in shares of Allegro MicroSystems by 136.6% in the 3rd quarter. Bank of America Corp DE now owns 952,679 shares of the company’s stock worth $27,818,000 after buying an additional 3,556,410 shares during the period. Invesco Ltd. grew its holdings in Allegro MicroSystems by 44.0% in the fourth 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 during the period. Alliancebernstein L.P. increased 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 valued at $94,360,000 after buying an additional 1,806,183 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Allegro MicroSystems during the fourth quarter valued at $38,457,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ALGM. Barclays lowered shares of Allegro MicroSystems from an “overweight” rating to an “equal weight” rating and set a $48.00 price objective for the company. in a report on Monday, July 20th. Benchmark began coverage on Allegro MicroSystems in a research note on Wednesday, August 12th. They issued a “buy” rating and a $60.00 price objective for the company. Evercore reaffirmed an “outperform” rating and issued a $53.00 target price on shares of Allegro MicroSystems in a report on Friday, May 8th. TD Cowen dropped their price target on Allegro MicroSystems from $66.00 to $48.00 and set a “buy” rating for the company in a research note on Friday, July 31st. Finally, Mizuho cut their price objective on Allegro MicroSystems from $67.00 to $58.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems currently has an average rating of “Moderate Buy” and a consensus target price of $53.45.

Insider Activity at Allegro MicroSystems

In related news, SVP Erin Hagen sold 2,285 shares of Allegro MicroSystems stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $44.39, for a total value of $101,431.15. Following the completion of the sale, the senior vice president directly owned 31,052 shares in the company, valued at $1,378,398.28. The trade was a 6.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Allegro MicroSystems Stock Up 3.0%

Shares of NASDAQ:ALGM opened at $36.61 on Friday. The business has a 50 day simple moving average of $45.49 and a two-hundred day simple moving average of $43.15. The firm has a market capitalization of $6.82 billion, a PE ratio of 610.27, a price-to-earnings-growth ratio of 1.12 and a beta of 1.91. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.70 and a quick ratio of 2.33. Allegro MicroSystems, Inc. has a 1 year low of $22.41 and a 1 year high of $71.77.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, July 30th. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.02. The business had revenue of $259.24 million for 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%.The business’s revenue was up 27.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.09 earnings per share. Allegro MicroSystems has set its Q2 2027 guidance at 0.230-0.260 EPS. On average, equities analysts predict that Allegro MicroSystems, Inc. will post 0.65 EPS 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.