Allegro MicroSystems (ALGM) Receives a Buy from Wells Fargo

Wells Fargo analyst Gary Mobley maintained a Buy rating on Allegro MicroSystems (ALGMResearch Report) today and set a price target of $30.00. The company’s shares closed last Monday at $20.09, close to its 52-week low of $19.20.

According to, Mobley is a 5-star analyst with an average return of 12.0% and a 55.5% success rate. Mobley covers the Technology sector, focusing on stocks such as Silicon Laboratories, Skyworks Solutions, and NXP Semiconductors.

Allegro MicroSystems has an analyst consensus of Strong Buy, with a price target consensus of $31.60, which is a 57.3% upside from current levels. In a report issued on July 5, Needham also maintained a Buy rating on the stock with a $25.00 price target.

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Based on Allegro MicroSystems’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $200 million and net profit of $25.62 million. In comparison, last year the company earned revenue of $175 million and had a net profit of $8.64 million.

Based on the recent corporate insider activity of 65 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ALGM in relation to earlier this year.

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Allegro Microsystems Inc is a global designer, developer, fabless manufacturer and marketer of sensor ICs and application-specific analog power ICs enabling the important emerging technologies in the automotive and industrial markets. It is a supplier of power ICs. Its sensor ICs enable customers to precisely measure motion, speed, position and current, while its power ICs include high-temperature and high-voltage capable motor driver, power management and LED driver ICs. Its products are divided into three categories such as SENSE that include Current Sensors, Switches and Latches, Linear and Angular Position, Magnetic Speed Sensors, and Photonics; REGULATE that include Regulators, ClearPower Modules, and LED Drivers; and DRIVE that includes BLDC Drivers, Brush DC and Stepper Drivers.

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