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

Wells Fargo & Company began coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a report issued on Friday morning, MarketBeat Ratings reports. The firm issued an overweight rating and a $23.00 price objective on the stock.

Other equities research analysts also recently issued reports about the stock. UBS Group initiated coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective for the company. Mizuho set a $26.00 target price on Allegro MicroSystems in a report on Friday, October 18th. Needham & Company LLC decreased their price target on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Loop Capital assumed coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, Morgan Stanley started coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price for the company. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.09.

Allegro MicroSystems Stock Up 2.7 %

ALGM stock opened at $21.31 on Friday. The firm has a market capitalization of $3.92 billion, a PE ratio of -152.20 and a beta of 1.69. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26. The stock’s 50 day moving average is $21.49 and its 200-day moving average is $25.11.

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

Insider Activity

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The stock was acquired at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the purchase, the senior vice president now owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. This represents a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors have recently made changes to their positions in the stock. FMR LLC lifted its holdings in Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after purchasing an additional 8,534,089 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Allegro MicroSystems in the third quarter worth about $71,289,000. State Street Corp boosted its position in shares of Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after acquiring an additional 1,615,351 shares during the period. Geode Capital Management LLC grew its stake in Allegro MicroSystems by 86.5% during the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after acquiring an additional 1,187,792 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Allegro MicroSystems by 13.5% during the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after acquiring an additional 999,939 shares during the period. Hedge funds and other 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.