Allegro MicroSystems (NASDAQ:ALGM) Earns Overweight Rating from Analysts at Wells Fargo & Company

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

A number of other equities analysts also recently weighed in on ALGM. 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 target price for the company. Barclays reduced their price objective 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 initiated coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price objective for the company. Loop Capital started coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, Needham & Company LLC lowered 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. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.09.

Allegro MicroSystems Trading Up 4.8 %

ALGM opened at $22.33 on Friday. 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 52 week low of $18.59 and a 52 week high of $33.26. The stock has a market cap of $4.11 billion, a PE ratio of -159.49 and a beta of 1.69. The business has a 50 day moving average of $21.49 and a 200-day moving average of $25.01.

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. The business had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The company’s revenue for the quarter was down 32.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 earnings per share.

Insiders Place Their Bets

In related news, SVP Michael Doogue bought 15,000 shares of the business’s stock in a transaction on Monday, November 18th. The stock was acquired at an average price 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 filing with the SEC, which is accessible through this link. 0.50% of the stock is owned by insiders.

Institutional Trading of Allegro MicroSystems

Several large investors have recently modified their holdings of ALGM. Russell Investments Group Ltd. boosted its position in Allegro MicroSystems by 238.9% in the first quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock worth $1,503,000 after purchasing an additional 39,289 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of Allegro MicroSystems by 23.1% in the first quarter. ProShare Advisors LLC now owns 12,157 shares of the company’s stock worth $328,000 after buying an additional 2,279 shares during the last quarter. Vanguard Group Inc. grew its position in Allegro MicroSystems by 13.5% during the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after buying an additional 999,939 shares during the period. Toronto Dominion Bank purchased a new stake in Allegro MicroSystems during the first quarter valued at approximately $290,000. Finally, 1832 Asset Management L.P. raised its position in Allegro MicroSystems by 4.5% in the first quarter. 1832 Asset Management L.P. now owns 992,700 shares of the company’s stock worth $26,763,000 after acquiring an additional 42,700 shares during the period. 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.