Wells Fargo & Company Increases Allegro MicroSystems (NASDAQ:ALGM) Price Target to $33.00

Allegro MicroSystems (NASDAQ:ALGM) had its price objective lifted by investment analysts at Wells Fargo & Company from $26.00 to $33.00 in a report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 7.53% from the stock’s current price.

Several other research firms also recently commented on ALGM. Mizuho boosted their target price on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, March 24th. UBS Group boosted their price objective on Allegro MicroSystems from $22.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Morgan Stanley raised their target price on Allegro MicroSystems from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, June 9th. Needham & Company LLC decreased their price target on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating for the company in a report on Friday, May 9th. Finally, Barclays raised their price objective on Allegro MicroSystems from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Allegro MicroSystems Stock Up 7.1%

Allegro MicroSystems stock traded up $2.04 during midday trading on Monday, reaching $30.69. The stock had a trading volume of 274,173 shares, compared to its average volume of 3,074,856. The company has a fifty day moving average price of $23.40 and a two-hundred day moving average price of $23.78. Allegro MicroSystems has a 12 month low of $16.38 and a 12 month high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $5.67 billion, a P/E ratio of -87.68 and a beta of 1.67.

Allegro MicroSystems (NASDAQ:ALGM) last issued its earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The company had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. Allegro MicroSystems’s quarterly revenue was down 19.9% compared to the same quarter last year. During the same period last year, the business earned $0.25 EPS. As a group, equities analysts expect that Allegro MicroSystems will post 0.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Allegro MicroSystems

Large investors have recently modified their holdings of the stock. Van ECK Associates Corp increased its position in Allegro MicroSystems by 202.3% in the fourth quarter. Van ECK Associates Corp now owns 22,298 shares of the company’s stock worth $487,000 after buying an additional 14,922 shares during the last quarter. New Mexico Educational Retirement Board increased its holdings in Allegro MicroSystems by 139.7% in the 4th quarter. New Mexico Educational Retirement Board now owns 31,881 shares of the company’s stock worth $697,000 after acquiring an additional 18,581 shares during the last quarter. Venturi Wealth Management LLC bought a new stake in Allegro MicroSystems in the 4th quarter valued at about $47,000. Handelsbanken Fonder AB lifted its holdings in Allegro MicroSystems by 96.8% during the fourth quarter. Handelsbanken Fonder AB now owns 36,400 shares of the company’s stock valued at $796,000 after purchasing an additional 17,900 shares during the last quarter. Finally, Bailard Inc. bought a new position in Allegro MicroSystems during the fourth quarter worth about $254,000. Hedge funds and other institutional investors 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.