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

Investment analysts at Wells Fargo & Company started coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a note issued to investors on Friday,Briefing.com Automated Import reports. The brokerage set an “overweight” rating and a $23.00 price target on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 10.18% from the company’s current price.

Several other research analysts have also weighed in on ALGM. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a report on Friday, October 18th. Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective on the stock. UBS Group assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. Finally, Barclays decreased their price objective 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. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.09.

Allegro MicroSystems Price Performance

Allegro MicroSystems stock opened at $20.88 on Friday. Allegro MicroSystems has a 12-month low of $18.59 and a 12-month high of $33.26. The stock has a market capitalization of $3.84 billion, a P/E ratio of -149.10 and a beta of 1.69. The firm’s 50-day moving average is $21.52 and its two-hundred day moving average is $25.17. 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 announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.02. The business had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The company’s revenue was down 32.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 EPS.

Insider Activity at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of the company’s stock in a transaction on Monday, November 18th. The shares were purchased at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the transaction, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds and other institutional investors have recently bought and sold shares of ALGM. Versant Capital Management Inc increased its stake in Allegro MicroSystems by 1,957.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock worth $33,000 after purchasing an additional 1,096 shares in the last quarter. GAMMA Investing LLC increased its stake in Allegro MicroSystems by 52.2% in the 2nd quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after purchasing an additional 603 shares in the last quarter. KBC Group NV increased its stake in Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares in the last quarter. CWM LLC increased its stake in Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock worth $120,000 after purchasing an additional 921 shares in the last quarter. Finally, Van ECK Associates Corp purchased a new position in Allegro MicroSystems in the 3rd quarter worth about $172,000. 56.45% of the stock is currently owned by 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.