In a report released today, Aaron Rakers from Wells Fargo maintained a Buy rating on Allegro MicroSystems (ALGM – Research Report), with a price target of $45.00. The company’s shares closed yesterday at $29.50.
According to TipRanks, Rakers is a top 100 analyst with an average return of 23.0% and a 70.03% success rate. Rakers covers the Technology sector, focusing on stocks such as Nvidia, Advanced Micro Devices, and Intel.
Currently, the analyst consensus on Allegro MicroSystems is a Strong Buy with an average price target of $40.00, which is a 35.62% upside from current levels. In a report released on December 20, Mizuho Securities also reiterated a Buy rating on the stock with a $48.00 price target.
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ALGM market cap is currently $5.68B and has a P/E ratio of 23.30.
Based on the recent corporate insider activity of 60 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ALGM in relation to earlier this year.
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Allegro MicroSystems (ALGM) Company Description:
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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