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

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

ALGM has been the subject of several other research reports. UBS Group began coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research report on Friday, October 18th. Barclays lowered their price objective on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Loop Capital initiated coverage on shares of Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. Finally, Needham & Company LLC cut their price target on shares of 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 issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $30.09.

Allegro MicroSystems Stock Up 2.7 %

Shares of NASDAQ ALGM opened at $21.31 on Friday. 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 business has a 50-day moving average of $21.49 and a 200-day moving average of $25.11. The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of -152.20 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) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. During the same quarter in the prior year, the firm earned $0.36 EPS. The business’s revenue for the quarter was down 32.0% compared to the same quarter last year.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the acquisition, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Allegro MicroSystems

Large investors have recently made changes to their positions in the business. GAMMA Investing LLC lifted 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 worth $50,000 after acquiring an additional 603 shares during the period. Prosperity Financial Group Inc. boosted its stake in shares of Allegro MicroSystems by 7.9% during the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after purchasing an additional 784 shares in the last quarter. CWM LLC increased its position in shares of Allegro MicroSystems by 27.7% during 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 during the period. 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 worth $84,000 after buying an additional 1,042 shares in the last quarter. Finally, Versant Capital Management Inc lifted its holdings 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 buying an additional 1,096 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.