Allegro MicroSystems (NASDAQ:ALGM) Price Target Raised to $27.00

Allegro MicroSystems (NASDAQ:ALGM) had its target price hoisted by Wells Fargo & Company from $23.00 to $27.00 in a research report report published on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also commented on ALGM. Loop Capital initiated coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective on the stock. Mizuho set a $26.00 price target on shares of Allegro MicroSystems in a research report on Friday, October 18th. Morgan Stanley began coverage on shares of Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective for the company. Barclays lowered their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a research report on Friday, November 1st. Finally, Needham & Company LLC reduced their price target on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.45.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $23.40 on Monday. The stock has a market cap of $4.31 billion, a PE ratio of -167.13 and a beta of 1.65. The stock has a 50-day moving average of $21.77 and a 200-day moving average of $23.27. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. Allegro MicroSystems has a one year low of $18.59 and a one year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The company had revenue of $187.39 million for the quarter, compared to analyst estimates of $187.52 million. During the same quarter last year, the firm posted $0.36 earnings per share. Allegro MicroSystems’s revenue was down 32.0% compared to the same quarter last year.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction dated Monday, November 18th. The shares were purchased at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the transaction, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. This represents a 6.49 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ALGM. Oak Thistle LLC purchased a new stake in shares of Allegro MicroSystems in the 4th quarter worth about $649,000. JPMorgan Chase & Co. lifted its holdings in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after buying an additional 1,884,578 shares during the period. Principal Financial Group Inc. lifted its holdings in Allegro MicroSystems by 14.1% in the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company’s stock worth $58,244,000 after buying an additional 308,943 shares during the period. Retirement Systems of Alabama boosted its position in Allegro MicroSystems by 77.9% during the 3rd quarter. Retirement Systems of Alabama now owns 229,815 shares of the company’s stock valued at $5,355,000 after acquiring an additional 100,621 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Allegro MicroSystems during the 3rd quarter worth approximately $516,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

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.