Traders Buy High Volume of Allegro MicroSystems Call Options (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw some unusual options trading on Friday. Stock investors acquired 5,214 call options on the stock. This represents an increase of 300% compared to the typical volume of 1,305 call options.

Allegro MicroSystems Stock Up 0.2 %

Allegro MicroSystems stock traded up $0.04 during mid-day trading on Friday, reaching $21.68. The company’s stock had a trading volume of 470,364 shares, compared to its average volume of 1,929,694. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26. The business has a 50 day moving average price of $21.15 and a 200-day moving average price of $24.37.

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

Analysts Set New Price Targets

Several brokerages have commented on ALGM. Loop Capital assumed coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target for the company. Needham & Company LLC reduced their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Morgan Stanley began coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective for the company. Barclays decreased their price target on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research report on Friday, November 1st. Finally, Mizuho set a $26.00 price objective on Allegro MicroSystems in a research report on Friday, October 18th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.09.

Insider Buying and Selling at Allegro MicroSystems

In related news, SVP Michael Doogue acquired 15,000 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were acquired at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the acquisition, the senior vice president now directly owns 246,086 shares in the company, valued at approximately $4,675,634. The trade was a 6.49 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allegro MicroSystems

Several hedge funds and other institutional investors have recently modified their holdings of ALGM. Prosperity Financial Group Inc. lifted its position in Allegro MicroSystems by 7.9% in the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after purchasing an additional 784 shares during the last quarter. CWM LLC raised its holdings in shares of Allegro MicroSystems by 27.7% during the second quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after buying an additional 921 shares during the last quarter. KBC Group NV boosted its position in shares of Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after buying an additional 1,042 shares during the period. ProShare Advisors LLC increased its position in Allegro MicroSystems by 9.2% in the 2nd quarter. ProShare Advisors LLC now owns 13,280 shares of the company’s stock valued at $375,000 after acquiring an additional 1,123 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Allegro MicroSystems by 9.9% during the 2nd quarter. Victory Capital Management Inc. now owns 16,536 shares of the company’s stock valued at $467,000 after acquiring an additional 1,484 shares in the last quarter. Institutional investors and hedge funds 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.