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Allegro MicroSystems, Inc. (ALGM) Dips More Than Broader Markets: What You Should Know
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In the latest trading session, Allegro MicroSystems, Inc. (ALGM - Free Report) closed at $48.66, marking a -1.76% move from the previous day. This move lagged the S&P 500's daily loss of 0.02%. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq lost 0.12%.
Prior to today's trading, shares of the company had gained 16.3% over the past month. This has outpaced the Computer and Technology sector's gain of 3.63% and the S&P 500's gain of 5.14% in that time.
Investors will be hoping for strength from Allegro MicroSystems, Inc. as it approaches 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.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.40 per share and revenue of $1.03 billion. These totals would mark changes of +9.38% and +9.28%, respectively, from last year.
Any recent changes to analyst estimates for Allegro MicroSystems, Inc. should also be noted by investors. 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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Allegro MicroSystems, Inc. currently has a Forward P/E ratio of 35.51. Its industry sports an average Forward P/E of 27.55, so we one might conclude that Allegro MicroSystems, Inc. is trading at a premium comparatively.
The Electronics - Semiconductors industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 102, putting it in the top 41% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Allegro MicroSystems, Inc. (ALGM) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Allegro MicroSystems, Inc. (ALGM - Free Report) closed at $48.66, marking a -1.76% move from the previous day. This move lagged the S&P 500's daily loss of 0.02%. At the same time, the Dow added 0.23%, and the tech-heavy Nasdaq lost 0.12%.
Prior to today's trading, shares of the company had gained 16.3% over the past month. This has outpaced the Computer and Technology sector's gain of 3.63% and the S&P 500's gain of 5.14% in that time.
Investors will be hoping for strength from Allegro MicroSystems, Inc. as it approaches 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.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.40 per share and revenue of $1.03 billion. These totals would mark changes of +9.38% and +9.28%, respectively, from last year.
Any recent changes to analyst estimates for Allegro MicroSystems, Inc. should also be noted by investors. 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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Allegro MicroSystems, Inc. currently has a Forward P/E ratio of 35.51. Its industry sports an average Forward P/E of 27.55, so we one might conclude that Allegro MicroSystems, Inc. is trading at a premium comparatively.
The Electronics - Semiconductors industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 102, putting it in the top 41% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.