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

Analysts at Wells Fargo & Company started coverage on shares of Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) in a research note issued to investors on Friday, Marketbeat 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 8.08% from the company's current price.

Several other equities research analysts have also weighed in on ALGM. Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday, October 18th. UBS Group initiated coverage on Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a "buy" rating and a $33.00 price target on the stock. 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. Needham & Company LLC dropped their target price on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, October 31st. Finally, Morgan Stanley started coverage on Allegro MicroSystems in a report on Thursday, November 7th. They issued an "equal weight" rating and a $21.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $30.09.

Allegro MicroSystems Trading Up 2.6 %

Allegro MicroSystems stock traded up $0.53 during trading hours on Friday, reaching $21.28. The company had a trading volume of 2,425,096 shares, compared to its average volume of 1,949,388. 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 company has a 50-day moving average price of $21.52 and a 200 day moving average price of $25.17. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of -149.10 and a beta of 1.69. Allegro MicroSystems has a 12-month low of $18.59 and a 12-month high of $33.26.

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

Insider Transactions at Allegro MicroSystems

In other news, SVP Michael Doogue purchased 15,000 shares of the stock in a transaction on Monday, November 18th. The stock was bought 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 $4,675,634. The trade was a 6.49 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.50% of the company's stock.

Hedge Funds Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently modified their holdings of the stock. Versant Capital Management Inc grew its position in Allegro MicroSystems by 1,957.1% in the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company's stock worth $33,000 after acquiring an additional 1,096 shares during the period. GAMMA Investing LLC raised its stake in Allegro MicroSystems by 52.2% in the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company's stock valued at $50,000 after buying an additional 603 shares in the last quarter. KBC Group NV raised its stake in Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company's stock valued at $84,000 after buying an additional 1,042 shares in the last quarter. CWM LLC raised its stake in Allegro MicroSystems by 27.7% in the second quarter. CWM LLC now owns 4,241 shares of the company's stock valued at $120,000 after buying an additional 921 shares in the last quarter. Finally, Van ECK Associates Corp acquired a new stake in Allegro MicroSystems in the third quarter valued at $172,000. Institutional investors and hedge funds 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.