Wells Fargo & Company MN Trims Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Wells Fargo & Company MN cut its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 41.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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.

Other large investors also recently bought and sold shares of the company. Venturi Wealth Management LLC acquired a new position in Allegro MicroSystems during the fourth quarter worth approximately $47,000. Bailard Inc. acquired a new position in shares of Allegro MicroSystems in the 4th quarter valued at $254,000. Keybank National Association OH raised its position in Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock valued at $257,000 after purchasing an additional 1,522 shares during the last quarter. Landscape Capital Management L.L.C. acquired a new stake in Allegro MicroSystems during the 4th quarter worth $313,000. Finally, Avior Wealth Management LLC grew its position in Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after purchasing an additional 737 shares during the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Mizuho boosted their price objective on shares of Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a report on Monday, March 24th. Needham & Company LLC restated a “buy” rating and issued a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Wells Fargo & Company lifted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Morgan Stanley upped their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a report on Monday, February 3rd. Finally, Barclays cut their price target on Allegro MicroSystems from $30.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $29.78.

Allegro MicroSystems Trading Up 4.5 %

Shares of ALGM opened at $17.52 on Thursday. Allegro MicroSystems, Inc. has a fifty-two week low of $16.38 and a fifty-two week high of $33.26. The company has a market capitalization of $3.23 billion, a PE ratio of -50.06 and a beta of 1.53. The stock has a fifty day moving average of $23.95 and a two-hundred day moving average of $22.81. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

Allegro MicroSystems 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.