Wells Fargo & Company Increases Allegro MicroSystems (NASDAQ:ALGM) Price Target to $48.00

by · The Cerbat Gem

Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) had its price target boosted by stock analysts at Wells Fargo & Company from $45.00 to $48.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 14.80% from the company’s previous close.

A number of other research firms have also recently commented on ALGM. Evercore lifted their target price on Allegro MicroSystems from $37.00 to $49.00 and gave the stock an “outperform” rating in a research note on Friday, October 31st. Wall Street Zen upgraded shares of Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, January 18th. Bank of America boosted their target price on shares of Allegro MicroSystems from $36.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, January 21st. Barclays increased their target price on shares of Allegro MicroSystems from $35.00 to $46.00 and gave the company an “overweight” rating in a research report on Friday, January 30th. Finally, TD Cowen lifted their price target on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Nine investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $43.80.

Get Our Latest Stock Analysis on Allegro MicroSystems

Allegro MicroSystems Stock Up 0.5%

Shares of Allegro MicroSystems stock traded up $0.20 on Wednesday, hitting $41.81. The company had a trading volume of 296,997 shares, compared to its average volume of 2,921,274. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.39 and a current ratio of 3.65. The stock has a 50 day moving average of $31.22 and a 200-day moving average of $29.98. Allegro MicroSystems has a 1 year low of $16.38 and a 1 year high of $43.04. The stock has a market capitalization of $7.75 billion, a price-to-earnings ratio of -525.33 and a beta of 1.63.

Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last announced its earnings results on Thursday, January 29th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. The firm had revenue of $229.21 million for the quarter, compared to the consensus estimate of $220.78 million. Allegro MicroSystems had a positive return on equity of 4.35% and a negative net margin of 1.57%.The company’s revenue was up 28.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.07 EPS. As a group, sell-side analysts forecast that Allegro MicroSystems will post 0.01 earnings per share for the current year.

Hedge Funds Weigh In On Allegro MicroSystems

Several hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC increased its holdings in shares of Allegro MicroSystems by 0.7% in the 2nd quarter. Geode Capital Management LLC now owns 2,405,986 shares of the company’s stock worth $82,274,000 after buying an additional 17,902 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Allegro MicroSystems in the second quarter worth $481,000. KLP Kapitalforvaltning AS grew its position in Allegro MicroSystems by 10.4% in the second quarter. KLP Kapitalforvaltning AS now owns 27,500 shares of the company’s stock worth $940,000 after acquiring an additional 2,600 shares in the last quarter. Segall Bryant & Hamill LLC increased its stake in Allegro MicroSystems by 1.3% in the second quarter. Segall Bryant & Hamill LLC now owns 1,328,254 shares of the company’s stock valued at $45,413,000 after acquiring an additional 16,728 shares during the last quarter. Finally, Norges Bank purchased a new stake in Allegro MicroSystems during the second quarter valued at about $48,138,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

About Allegro MicroSystems

(Get Free Report)

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.

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