Allegro MicroSystems (NASDAQ:ALGM) Given New $48.00 Price Target at Wells Fargo & Company

Allegro MicroSystems (NASDAQ:ALGM) had its target price upped by Wells Fargo & Company from $45.00 to $48.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research analysts have also commented on ALGM. Wall Street Zen raised Allegro MicroSystems from a “hold” rating to a “buy” rating in a report on Sunday, January 18th. Mizuho set a $38.00 price objective on shares of Allegro MicroSystems in a report on Tuesday, December 16th. TD Cowen lifted their price target on shares of Allegro MicroSystems from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Evercore increased their price target on Allegro MicroSystems from $37.00 to $49.00 and gave the stock an “outperform” rating in a research report on Friday, October 31st. Finally, Jefferies Financial Group upped their target price on Allegro MicroSystems from $37.00 to $43.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Nine research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $43.80.

Allegro MicroSystems Stock Performance

Shares of ALGM stock traded up $0.72 during trading on Wednesday, reaching $43.53. 207,498 shares of the company’s stock were exchanged, compared to its average volume of 2,904,230. The firm’s fifty day moving average price is $31.50 and its 200-day moving average price is $30.07. Allegro MicroSystems has a twelve month low of $16.38 and a twelve month high of $43.86. The stock has a market capitalization of $8.07 billion, a PE ratio of -543.28 and a beta of 1.63. 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 (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, January 29th. The company reported $0.15 EPS for the quarter, beating the consensus estimate 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 negative net margin of 1.57% and a positive return on equity of 4.35%. The company’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.07 earnings per share. As a group, sell-side analysts anticipate that Allegro MicroSystems will post 0.01 EPS for the current year.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its holdings in shares of Allegro MicroSystems by 70.0% during the first quarter. Royal Bank of Canada now owns 117,923 shares of the company’s stock worth $2,964,000 after purchasing an additional 48,554 shares during the period. AQR Capital Management LLC acquired a new position in shares of Allegro MicroSystems in the first quarter worth approximately $325,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Allegro MicroSystems by 31.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 354,610 shares of the company’s stock valued at $8,911,000 after acquiring an additional 85,607 shares during the last quarter. KLP Kapitalforvaltning AS increased its position in Allegro MicroSystems by 10.4% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 27,500 shares of the company’s stock valued at $940,000 after purchasing an additional 2,600 shares during the period. Finally, Maryland State Retirement & Pension System bought a new position in Allegro MicroSystems during the 2nd quarter worth approximately $232,000. 56.45% of the stock is owned by 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.