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

Wells Fargo & Company assumed coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research note published on Friday, MarketBeat reports. The firm issued an overweight rating and a $23.00 price target on the stock.

Several other research analysts have also recently commented on the stock. Morgan Stanley began coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 target price for the company. 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 target price for the company. Loop Capital started coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective for the company. Barclays dropped their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Finally, Needham & Company LLC cut their target price 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 equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.09.

Allegro MicroSystems Price Performance

Shares of ALGM opened at $21.31 on Friday. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week 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. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of -152.21 and a beta of 1.69. The stock has a 50 day moving average of $21.49 and a 200-day moving average of $25.05.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results 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 analyst estimates of $187.52 million. During the same period in the previous year, the business posted $0.36 EPS. The company’s quarterly revenue was down 32.0% on a year-over-year basis.

Insider Buying and Selling

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were acquired at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the senior vice president now owns 246,086 shares of the company’s stock, 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 hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALGM. Silvercrest Asset Management Group LLC increased its holdings in Allegro MicroSystems by 363.0% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 632,546 shares of the company’s stock valued at $17,053,000 after buying an additional 495,935 shares during the period. Russell Investments Group Ltd. increased its stake in Allegro MicroSystems by 238.9% in the first quarter. Russell Investments Group Ltd. now owns 55,734 shares of the company’s stock valued at $1,503,000 after acquiring an additional 39,289 shares during the period. XTX Topco Ltd bought a new stake in Allegro MicroSystems in the second quarter valued at about $856,000. Principal Financial Group Inc. raised its position in Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock worth $58,244,000 after purchasing an additional 308,943 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Allegro MicroSystems by 13.5% during the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock worth $226,466,000 after purchasing an additional 999,939 shares during the period. 56.45% of the stock is currently owned by institutional investors.

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.