Allegro MicroSystems (NASDAQ:ALGM) Updates Q1 2022 Earnings Guidance

Allegro MicroSystems (NASDAQ:ALGMGet Rating) updated its first quarter 2022 earnings guidance on Monday. The company provided earnings per share guidance of $0.22-$0.23 for the period, compared to the consensus earnings per share estimate of $0.22. The company issued revenue guidance of $205.00 million-$210.00 million, compared to the consensus revenue estimate of $205.28 million.Allegro MicroSystems also updated its Q1 guidance to $0.22-0.23 EPS.

Several research analysts recently commented on the company. Mizuho lowered their target price on Allegro MicroSystems from $44.00 to $42.00 in a research note on Wednesday. Barclays decreased their price objective on shares of Allegro MicroSystems from $35.00 to $31.00 and set an overweight rating on the stock in a research note on Monday, April 25th. Finally, Zacks Investment Research cut shares of Allegro MicroSystems from a buy rating to a hold rating in a research report on Tuesday, April 5th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Buy and an average price target of $37.00.

Shares of NASDAQ:ALGM traded up $0.15 during midday trading on Thursday, hitting $22.55. The company’s stock had a trading volume of 979,534 shares, compared to its average volume of 599,168. The stock has a market capitalization of $4.28 billion, a price-to-earnings ratio of 42.42 and a beta of 1.61. The stock’s 50 day simple moving average is $26.07 and its 200 day simple moving average is $29.40. The company has a debt-to-equity ratio of 0.04, a quick ratio of 3.87 and a current ratio of 4.65. Allegro MicroSystems has a fifty-two week low of $21.91 and a fifty-two week high of $38.28.

Allegro MicroSystems (NASDAQ:ALGMGet Rating) last announced its quarterly earnings data on Monday, May 9th. The company reported $0.21 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.21. Allegro MicroSystems had a net margin of 15.24% and a return on equity of 18.83%. The company had revenue of $200.30 million during the quarter, compared to analysts’ expectations of $195.18 million. During the same quarter in the prior year, the company earned $0.14 EPS. The firm’s revenue was up 14.4% on a year-over-year basis. As a group, analysts anticipate that Allegro MicroSystems will post 0.69 EPS for the current year.

In other Allegro MicroSystems news, SVP Michael Doogue sold 7,500 shares of the stock in a transaction on Friday, March 18th. The stock was sold at an average price of $29.04, for a total transaction of $217,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 26.90% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGM. PNC Financial Services Group Inc. raised its position in Allegro MicroSystems by 201.6% during the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after acquiring an additional 774 shares during the last quarter. US Bancorp DE increased its stake in Allegro MicroSystems by 981.5% in the first quarter. US Bancorp DE now owns 2,455 shares of the company’s stock valued at $70,000 after acquiring an additional 2,228 shares during the last quarter. MetLife Investment Management LLC bought a new stake in shares of Allegro MicroSystems during the first quarter worth about $74,000. Advisors Asset Management Inc. increased its holdings in shares of Allegro MicroSystems by 232.0% in the 4th quarter. Advisors Asset Management Inc. now owns 5,600 shares of the company’s stock worth $203,000 after buying an additional 3,913 shares during the last quarter. Finally, UBS Group AG lifted its position in Allegro MicroSystems by 17,520.0% during the 3rd quarter. UBS Group AG now owns 7,929 shares of the company’s stock valued at $253,000 after acquiring an additional 7,884 shares during the period. 46.35% of the stock is currently owned by hedge funds and other institutional investors.

About Allegro MicroSystems (Get Rating)

Allegro MicroSystems, Inc designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; and power ICs comprising motor driver ICs, and regulator and LED driver ICs, as well as photonic and 3D sensing components, including photodiodes, eye-safe lasers and rangefinders, and readout ICs for LiDAR applications.

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Earnings History and Estimates for Allegro MicroSystems (NASDAQ:ALGM)

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