Allegro MicroSystems, Inc. (NASDAQ:ALGM) reported better-than-expected fourth-quarter financial results on Thursday.

Allegro Microsystems posted adjusted earnings of 25 cents per share, beating market estimates of 21 cents per share. The company's quarterly sales came in at $240.58 million versus expectations of $234.93 million, according to data from Benzinga Pro.

"Continued strong momentum in e-Mobility drove record fiscal year 2024 sales to more than $1 billion and record non-GAAP earnings per share of $1.35. We also achieved a record level of design wins of more than $1 billion. I would like to thank the entire Allegro team for their contributions which enabled us to achieve these significant milestones," said Vineet Nargolwala, President and CEO of Allegro.

Allegro MicroSystems said it sees first-quarter net sales to be in the range of $160 million to $170 million and expects diluted earnings per share of 1 cent to 3 cents.

Allegro MicroSystems shares fell 5.8% to close at $27.67 on Thursday.

These analysts made changes to their price targets on Allegro MicroSystems following earnings announcement.

• Needham cut the price target on Allegro MicroSystems from $40 to $33. Needham analyst Quinn Bolton maintained a Buy rating.
• Mizuho slashed the price target on Allegro MicroSystems from $45 to $35. Mizuho analyst Vijay Rakesh maintained a Buy rating.

Read More: Top 2 Materials Stocks That Could Blast Off This Quarter