Allegro MicroSystems (NASDAQ:ALGM) Coverage Initiated at Wells Fargo & Company

Research analysts at Wells Fargo & Company started coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research note issued on Friday, MarketBeat reports. The firm set an “overweight” rating and a $23.00 price target on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 7.93% from the stock’s current price.

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

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $21.31 on Friday. The business has a fifty day moving average of $21.49 and a 200 day moving average of $25.08. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of -152.21 and a beta of 1.69. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26.

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

Insider Buying and Selling at Allegro MicroSystems

In other news, SVP Michael Doogue acquired 15,000 shares of the company’s stock in a transaction on Monday, November 18th. The shares were bought at an average cost of $19.00 per share, with a total value of $285,000.00. Following the transaction, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALGM. FMR LLC grew its position in shares of Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after buying an additional 8,534,089 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Allegro MicroSystems during the third quarter worth about $71,289,000. State Street Corp increased its position in shares of Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after purchasing an additional 1,615,351 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after purchasing an additional 1,187,792 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Allegro MicroSystems by 13.5% in the 1st quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after purchasing an additional 999,939 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Company Profile

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.