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

Wells Fargo & Company initiated coverage on shares of Allegro MicroSystems (NASDAQ:ALGM) in a research report sent to investors on Friday, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $23.00 price target on the stock.

Several other equities analysts have also recently weighed in on ALGM. Barclays cut their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. Morgan Stanley started coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective for the company. Needham & Company LLC decreased their target price on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Loop Capital started coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target for the company. Finally, UBS Group began coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Allegro MicroSystems has an average rating of “Moderate Buy” and a consensus price target of $30.09.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $22.33 on Friday. The company has a market capitalization of $4.11 billion, a P/E ratio of -159.49 and a beta of 1.69. Allegro MicroSystems has a 1-year low of $18.59 and a 1-year high of $33.26. The firm’s 50 day simple moving average is $21.49 and its two-hundred day simple moving average is $25.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating 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 company had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. During the same quarter in the previous year, the company earned $0.36 EPS. Allegro MicroSystems’s revenue for the quarter was down 32.0% on a year-over-year basis.

Insider Buying and Selling 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 stock was bought at an average price of $19.00 per share, with a total value of $285,000.00. Following the acquisition, the senior vice president now owns 246,086 shares of the company’s stock, valued at $4,675,634. This trade represents a 6.49 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its position in shares of Allegro MicroSystems by 43.3% in the third quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after purchasing an additional 8,534,089 shares in the last quarter. Vanguard Group Inc. boosted 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 buying an additional 999,939 shares during the last quarter. State Street Corp grew its holdings in Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after buying an additional 1,615,351 shares in the last quarter. Wellington Management Group LLP acquired a new stake in shares of Allegro MicroSystems in the 3rd quarter worth $71,289,000. Finally, Geode Capital Management LLC raised its holdings in shares of Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after acquiring an additional 1,187,792 shares during the period. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.