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

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

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

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $21.31 on Friday. Allegro MicroSystems has a one year low of $18.59 and a one year high of $33.26. 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 market cap of $3.92 billion, a price-to-earnings ratio of -152.21 and a beta of 1.69. The firm has a 50 day simple moving average of $21.49 and a 200 day simple moving average of $25.05.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $187.39 million during the quarter, compared to the consensus estimate of $187.52 million. During the same period in the previous year, the company posted $0.36 earnings per share. The firm’s revenue for the quarter was down 32.0% on a year-over-year basis.

Insider Buying and Selling

In other news, SVP Michael Doogue acquired 15,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were acquired at an average cost of $19.00 per share, with a total value of $285,000.00. Following the acquisition, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allegro MicroSystems

A number of large investors have recently made changes to their positions in ALGM. Versant Capital Management Inc boosted its stake in shares of Allegro MicroSystems by 1,957.1% during the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company’s stock valued at $33,000 after purchasing an additional 1,096 shares during the period. GAMMA Investing LLC raised its holdings in shares of Allegro MicroSystems by 52.2% in the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company’s stock worth $50,000 after buying an additional 603 shares during the last quarter. KBC Group NV raised 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 acquiring an additional 1,042 shares during the last quarter. CWM LLC increased its holdings 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 buying an additional 921 shares during the period. Finally, Van ECK Associates Corp acquired a new stake in shares of Allegro MicroSystems in the third quarter worth $172,000. 56.45% of the stock is owned by hedge funds and other 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.