Wells Fargo & Company Issues Positive Forecast for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM) had its price objective raised by Wells Fargo & Company from $23.00 to $27.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also recently issued reports on ALGM. Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective for the company. Barclays dropped their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Loop Capital began coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target on the stock. Needham & Company LLC dropped their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Finally, Mizuho set a $26.00 target price on Allegro MicroSystems in a research report on Friday, October 18th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Allegro MicroSystems presently has an average rating of “Moderate Buy” and an average price target of $30.45.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $23.40 on Monday. The company has a market cap of $4.31 billion, a price-to-earnings ratio of -167.13 and a beta of 1.65. The business’s fifty day simple moving average is $21.77 and its two-hundred day simple moving average is $23.27. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42.

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

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Michael Doogue bought 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Allegro MicroSystems

Several hedge funds have recently added to or reduced their stakes in the stock. Oak Thistle LLC acquired a new position in Allegro MicroSystems during the fourth quarter worth approximately $649,000. JPMorgan Chase & Co. increased its holdings in shares of Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after acquiring an additional 1,884,578 shares during the period. Principal Financial Group Inc. raised its position in Allegro MicroSystems by 14.1% in the 3rd quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock valued at $58,244,000 after purchasing an additional 308,943 shares during the last quarter. Retirement Systems of Alabama boosted its stake in Allegro MicroSystems by 77.9% during the 3rd quarter. Retirement Systems of Alabama now owns 229,815 shares of the company’s stock worth $5,355,000 after purchasing an additional 100,621 shares during the period. Finally, Virtu Financial LLC purchased a new position in Allegro MicroSystems during the 3rd quarter worth $516,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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.