Allegro MicroSystems' (ALGM) "Overweight" Rating Reaffirmed at Wells Fargo & Company

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report)'s stock had its "overweight" rating reiterated by research analysts at Wells Fargo & Company in a research report issued to clients and investors on Monday, MarketBeat reports. They currently have a $33.00 price target on the stock, up from their previous price target of $26.00. Wells Fargo & Company's target price indicates a potential upside of 6.21% from the stock's previous close.

A number of other brokerages also recently commented on ALGM. Barclays increased their price target on Allegro MicroSystems from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Friday, May 9th. UBS Group upped their target price on Allegro MicroSystems from $22.00 to $25.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Needham & Company LLC decreased their price target on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Morgan Stanley lifted their price target on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research note on Monday, June 9th. Finally, Bank of America assumed coverage on shares of Allegro MicroSystems in a research note on Monday. They set a "buy" rating and a $38.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Allegro MicroSystems presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.00.

Allegro MicroSystems Stock Up 1.1%

Shares of ALGM stock traded up $0.35 on Monday, hitting $31.07. The stock had a trading volume of 1,434,554 shares, compared to its average volume of 2,621,118. The stock's 50 day moving average is $23.96 and its 200-day moving average is $23.94. The firm has a market capitalization of $5.74 billion, a price-to-earnings ratio of -79.66 and a beta of 1.67. Allegro MicroSystems has a 52-week low of $16.38 and a 52-week high of $33.26. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.66 and a current ratio of 4.30.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.06 EPS for the quarter, topping analysts' consensus estimates of $0.05 by $0.01. The firm had revenue of $192.82 million for the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. The firm's revenue was down 19.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 EPS. As a group, research analysts expect that Allegro MicroSystems will post 0.01 earnings per share for the current year.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors have recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in Allegro MicroSystems in the fourth quarter worth $15,145,000. Schonfeld Strategic Advisors LLC acquired a new stake in shares of Allegro MicroSystems during the fourth quarter worth $35,433,000. Keybank National Association OH lifted its position in shares of Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock worth $257,000 after buying an additional 1,522 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Allegro MicroSystems by 25.7% in the 4th quarter. Victory Capital Management Inc. now owns 39,536 shares of the company's stock valued at $864,000 after buying an additional 8,075 shares during the period. Finally, Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems in the 4th quarter valued at about $47,000. 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.