Allegro MicroSystems (NASDAQ:ALGM) Now Covered by Wells Fargo & Company

Research analysts at Wells Fargo & Company began coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research report issued to clients and investors on Friday,Briefing.com Automated Import reports. The firm set an “overweight” rating and a $23.00 price target on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 10.18% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. UBS Group began coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Loop Capital assumed coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. Morgan Stanley initiated coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective for the company. Mizuho set a $26.00 target price on Allegro MicroSystems in a research note on Friday, October 18th. Finally, Barclays lowered their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.09.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $20.88 on Friday. The business’s 50-day moving average is $21.52 and its 200-day moving average is $25.17. Allegro MicroSystems has a fifty-two week low of $18.59 and a fifty-two week high of $33.26. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of -149.10 and a beta of 1.69. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The firm had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The firm’s revenue was down 32.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.36 earnings per share.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were acquired at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the acquisition, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Allegro MicroSystems

Institutional investors have recently modified their holdings of the business. Versant Capital Management Inc lifted its holdings in shares of Allegro MicroSystems by 1,957.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after purchasing an additional 1,096 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Allegro MicroSystems by 52.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock valued at $50,000 after purchasing an additional 603 shares in the last quarter. KBC Group NV lifted its holdings in shares of Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after purchasing an additional 1,042 shares in the last quarter. CWM LLC lifted its holdings in shares of Allegro MicroSystems by 27.7% during the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after purchasing an additional 921 shares in the last quarter. Finally, Van ECK Associates Corp bought a new position in shares of Allegro MicroSystems during the 3rd quarter valued at about $172,000. Institutional investors own 56.45% of the company’s stock.

About Allegro MicroSystems

Allegro MicroSystems, Inc, together with its subsidiaries, 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, regulator and LED driver ICs, and isolated gate drivers.