Allegro MicroSystems (NASDAQ:ALGM) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Allegro MicroSystems (NASDAQ:ALGM) had its price objective upped by analysts at Wells Fargo & Company from $45.00 to $48.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 14.75% from the stock’s current price.

Other analysts also recently issued reports about the stock. Barclays boosted their price target on shares of Allegro MicroSystems from $35.00 to $46.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Wall Street Zen raised Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, January 18th. Weiss Ratings restated a “sell (e+)” rating on shares of Allegro MicroSystems in a report on Monday, December 29th. TD Cowen lifted their price target on Allegro MicroSystems from $38.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Finally, Evercore boosted their price objective on Allegro MicroSystems from $37.00 to $49.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. Nine research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $43.80.

Allegro MicroSystems Price Performance

Shares of NASDAQ:ALGM opened at $41.83 on Wednesday. The company has a 50-day moving average price of $31.76 and a two-hundred day moving average price of $30.15. Allegro MicroSystems has a twelve month low of $16.38 and a twelve month high of $43.86. The company has a quick ratio of 2.39, a current ratio of 3.65 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $7.75 billion, a PE ratio of -522.88 and a beta of 1.63.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, January 29th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Allegro MicroSystems had a positive return on equity of 4.35% and a negative net margin of 1.57%.The company had revenue of $229.21 million for the quarter, compared to the consensus estimate of $220.78 million. During the same quarter last year, the business posted $0.07 earnings per share. The firm’s revenue was up 28.9% compared to the same quarter last year. Equities analysts forecast that Allegro MicroSystems will post 0.01 EPS for the current year.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors have recently added to or reduced their stakes in the stock. Hantz Financial Services Inc. raised its stake in Allegro MicroSystems by 86.9% during the third quarter. Hantz Financial Services Inc. now owns 901 shares of the company’s stock valued at $26,000 after purchasing an additional 419 shares in the last quarter. Quent Capital LLC purchased a new position in shares of Allegro MicroSystems in the 3rd quarter valued at $28,000. CIBC Private Wealth Group LLC raised its stake in shares of Allegro MicroSystems by 14,844.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,345 shares of the company’s stock worth $35,000 after acquiring an additional 1,336 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Allegro MicroSystems by 815.4% in the fourth quarter. Farther Finance Advisors LLC now owns 2,142 shares of the company’s stock valued at $57,000 after buying an additional 1,908 shares during the last quarter. Finally, Federation des caisses Desjardins du Quebec acquired a new stake in shares of Allegro MicroSystems during the fourth quarter worth $57,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.