Wells Fargo & Company Issues Positive Forecast for Allegro MicroSystems (NASDAQ:ALGM) Stock Price

Allegro MicroSystems (NASDAQ:ALGM) had its price target raised by analysts at Wells Fargo & Company from $45.00 to $48.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 14.80% from the stock’s current price.

ALGM has been the subject of several other reports. Bank of America upped their price objective on Allegro MicroSystems from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. Barclays boosted their target price on Allegro MicroSystems from $35.00 to $46.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. Mizuho set a $38.00 price target on shares of Allegro MicroSystems in a research note on Tuesday, December 16th. TD Cowen upped their price objective on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Finally, Needham & Company LLC raised their target price on shares of Allegro MicroSystems from $37.00 to $41.00 and gave the company a “buy” rating in a research report on Thursday, January 29th. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $43.80.

Allegro MicroSystems Stock Performance

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

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in shares of Allegro MicroSystems by 130.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 796,329 shares of the company’s stock valued at $21,007,000 after purchasing an additional 450,983 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in Allegro MicroSystems by 37.5% in the fourth quarter. BNP Paribas Financial Markets now owns 198,785 shares of the company’s stock valued at $5,244,000 after buying an additional 54,214 shares during the period. Norges Bank bought a new stake in Allegro MicroSystems during the fourth quarter valued at $38,457,000. Jupiter Asset Management Ltd. acquired a new stake in Allegro MicroSystems during the 4th quarter worth about $209,000. Finally, Intech Investment Management LLC acquired a new stake in Allegro MicroSystems during the 4th quarter worth about $954,000. Institutional investors own 56.45% of the company’s stock.

About Allegro MicroSystems

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.