Allegro MicroSystems (NASDAQ:ALGM) Given New $33.00 Price Target at Wells Fargo & Company

Allegro MicroSystems (NASDAQ:ALGM) had its price objective raised by Wells Fargo & Company from $26.00 to $33.00 in a research report sent to investors on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other brokerages also recently commented on ALGM. Bank of America began coverage on Allegro MicroSystems in a report on Monday. They set a “buy” rating and a $38.00 target price on the stock. Mizuho lifted their price objective on 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 dropped their price objective on Allegro MicroSystems from $30.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Morgan Stanley lifted their price objective on Allegro MicroSystems from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, June 9th. Finally, UBS Group lifted 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. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Allegro MicroSystems Stock Performance

Shares of NASDAQ:ALGM opened at $31.19 on Monday. The company has a market cap of $5.77 billion, a P/E ratio of -89.11 and a beta of 1.67. 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 has a one year low of $16.38 and a one year high of $33.26. The business’s 50-day simple moving average is $23.65 and its 200 day simple moving average is $23.85.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, May 8th. The company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.05 by $0.01. The business had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. Allegro MicroSystems had a positive return on equity of 4.31% and a negative net margin of 8.45%. The company’s revenue was down 19.9% on a year-over-year basis. During the same period last year, the business posted $0.25 EPS. On average, sell-side analysts forecast that Allegro MicroSystems will post 0.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Capital Research Global Investors grew its position in shares of Allegro MicroSystems by 6.5% in the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company’s stock worth $126,093,000 after acquiring an additional 353,776 shares in the last quarter. Invesco Ltd. grew its position in shares of Allegro MicroSystems by 131.5% in the 1st quarter. Invesco Ltd. now owns 4,835,641 shares of the company’s stock worth $121,520,000 after acquiring an additional 2,746,880 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock worth $87,302,000 after acquiring an additional 934,048 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its position in shares of Allegro MicroSystems by 50.1% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company’s stock worth $59,756,000 after acquiring an additional 911,993 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Allegro MicroSystems by 6.4% in the 1st quarter. Principal Financial Group Inc. now owns 2,416,102 shares of the company’s stock worth $60,717,000 after acquiring an additional 144,824 shares in the last quarter. Institutional investors and hedge funds 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.