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Allegro MicroSystems, Inc. (ALGM) Outpaces Stock Market Gains: What You Should Know
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Allegro MicroSystems, Inc. (ALGM - Free Report) closed the most recent trading day at $47.14, moving +1.66% from the previous trading session. This change outpaced the S&P 500's 0.74% gain on the day. Elsewhere, the Dow gained 0.25%, while the tech-heavy Nasdaq added 11.47%.
Heading into today, shares of the company had gained 13.76% over the past month, outpacing the Computer and Technology sector's gain of 2.44% and the S&P 500's gain of 3.34% in that time.
Wall Street will be looking for positivity from Allegro MicroSystems, Inc. as it approaches its next earnings report date. This is expected to be August 1, 2023. In that report, analysts expect Allegro MicroSystems, Inc. to post earnings of $0.37 per share. This would mark year-over-year growth of 54.17%. Meanwhile, our latest consensus estimate is calling for revenue of $275 million, up 26.29% from the prior-year quarter.
ALGM's full-year Zacks Consensus Estimates are calling for earnings of $1.40 per share and revenue of $1.03 billion. These results would represent year-over-year changes of +9.38% and +9.28%, respectively.
It is also important to note the recent changes to analyst estimates for Allegro MicroSystems, Inc.These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Allegro MicroSystems, Inc. currently has a Zacks Rank of #2 (Buy).
Looking at its valuation, Allegro MicroSystems, Inc. is holding a Forward P/E ratio of 33.24. This represents a premium compared to its industry's average Forward P/E of 26.22.
The Electronics - Semiconductors industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 173, putting it in the bottom 32% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Allegro MicroSystems, Inc. (ALGM) Outpaces Stock Market Gains: What You Should Know
Allegro MicroSystems, Inc. (ALGM - Free Report) closed the most recent trading day at $47.14, moving +1.66% from the previous trading session. This change outpaced the S&P 500's 0.74% gain on the day. Elsewhere, the Dow gained 0.25%, while the tech-heavy Nasdaq added 11.47%.
Heading into today, shares of the company had gained 13.76% over the past month, outpacing the Computer and Technology sector's gain of 2.44% and the S&P 500's gain of 3.34% in that time.
Wall Street will be looking for positivity from Allegro MicroSystems, Inc. as it approaches its next earnings report date. This is expected to be August 1, 2023. In that report, analysts expect Allegro MicroSystems, Inc. to post earnings of $0.37 per share. This would mark year-over-year growth of 54.17%. Meanwhile, our latest consensus estimate is calling for revenue of $275 million, up 26.29% from the prior-year quarter.
ALGM's full-year Zacks Consensus Estimates are calling for earnings of $1.40 per share and revenue of $1.03 billion. These results would represent year-over-year changes of +9.38% and +9.28%, respectively.
It is also important to note the recent changes to analyst estimates for Allegro MicroSystems, Inc.These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Allegro MicroSystems, Inc. currently has a Zacks Rank of #2 (Buy).
Looking at its valuation, Allegro MicroSystems, Inc. is holding a Forward P/E ratio of 33.24. This represents a premium compared to its industry's average Forward P/E of 26.22.
The Electronics - Semiconductors industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 173, putting it in the bottom 32% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.