Wells Fargo & Company MN Sells 96,826 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Wells Fargo & Company MN decreased its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 41.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 137,846 shares of the company's stock after selling 96,826 shares during the period. Wells Fargo & Company MN owned about 0.07% of Allegro MicroSystems worth $3,013,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ALGM. Venturi Wealth Management LLC bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth $47,000. Bailard Inc. bought a new stake in shares of Allegro MicroSystems during the fourth quarter worth $254,000. Keybank National Association OH boosted its holdings in Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after acquiring an additional 1,522 shares during the last quarter. Landscape Capital Management L.L.C. bought a new position in Allegro MicroSystems in the fourth quarter valued at about $313,000. Finally, Avior Wealth Management LLC boosted its holdings in Allegro MicroSystems by 5.3% in the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock valued at $321,000 after acquiring an additional 737 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ALGM has been the topic of several recent research reports. UBS Group decreased their price target on Allegro MicroSystems from $30.00 to $22.00 and set a "buy" rating on the stock in a report on Tuesday. Morgan Stanley lifted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. Needham & Company LLC reissued a "buy" rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. Wells Fargo & Company boosted their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. Finally, Mizuho boosted their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research report on Monday, March 24th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $28.56.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM traded down $0.47 during mid-day trading on Tuesday, reaching $18.76. 2,364,044 shares of the company were exchanged, compared to its average volume of 2,481,014. Allegro MicroSystems, Inc. has a twelve month low of $16.38 and a twelve month high of $33.26. The stock has a market capitalization of $3.45 billion, a P/E ratio of -53.60 and a beta of 1.53. The company's 50-day simple moving average is $23.31 and its 200-day simple moving average is $22.77. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40.

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.