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Allegro MicroSystems, Inc. (ALGM) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Allegro MicroSystems, Inc. (ALGM - Free Report) closed at $52.72, marking a +1.42% move from the previous day. This change outpaced the S&P 500's 0.71% gain on the day. At the same time, the Dow added 1.06%, and the tech-heavy Nasdaq gained 4.62%.
Prior to today's trading, shares of the company had gained 29.43% over the past month. This has outpaced the Computer and Technology sector's gain of 2.78% and the S&P 500's gain of 2.65% in that time.
Allegro MicroSystems, Inc. will be looking to display strength as it nears its next earnings release, which is expected to be August 1, 2023. On that day, Allegro MicroSystems, Inc. is projected to report earnings of $0.37 per share, which would represent year-over-year growth of 54.17%. Our most recent consensus estimate is calling for quarterly revenue of $275 million, up 26.29% from the year-ago period.
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.Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Within the past 30 days, our consensus EPS projection remained stagnant. Allegro MicroSystems, Inc. is currently a Zacks Rank #3 (Hold).
Digging into valuation, Allegro MicroSystems, Inc. currently has a Forward P/E ratio of 37.26. This valuation marks a premium compared to its industry's average Forward P/E of 28.36.
The Electronics - Semiconductors industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 162, which puts it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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
In the latest trading session, Allegro MicroSystems, Inc. (ALGM - Free Report) closed at $52.72, marking a +1.42% move from the previous day. This change outpaced the S&P 500's 0.71% gain on the day. At the same time, the Dow added 1.06%, and the tech-heavy Nasdaq gained 4.62%.
Prior to today's trading, shares of the company had gained 29.43% over the past month. This has outpaced the Computer and Technology sector's gain of 2.78% and the S&P 500's gain of 2.65% in that time.
Allegro MicroSystems, Inc. will be looking to display strength as it nears its next earnings release, which is expected to be August 1, 2023. On that day, Allegro MicroSystems, Inc. is projected to report earnings of $0.37 per share, which would represent year-over-year growth of 54.17%. Our most recent consensus estimate is calling for quarterly revenue of $275 million, up 26.29% from the year-ago period.
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.Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, 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. Within the past 30 days, our consensus EPS projection remained stagnant. Allegro MicroSystems, Inc. is currently a Zacks Rank #3 (Hold).
Digging into valuation, Allegro MicroSystems, Inc. currently has a Forward P/E ratio of 37.26. This valuation marks a premium compared to its industry's average Forward P/E of 28.36.
The Electronics - Semiconductors industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 162, which puts it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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.