Allegro MicroSystems Sees Unusually Large Options Volume (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of unusually large options trading on Monday. Traders purchased 25,012 put options on the stock. This represents an increase of 952% compared to the typical daily volume of 2,377 put options.

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors and hedge funds have recently modified their holdings of the business. TD Waterhouse Canada Inc. bought a new stake in Allegro MicroSystems during the 4th quarter valued at $40,000. Venturi Wealth Management LLC acquired a new position in Allegro MicroSystems during the fourth quarter worth $47,000. KBC Group NV lifted its stake in 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 purchasing an additional 1,042 shares in the last quarter. Quarry LP acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at $79,000. Finally, Sterling Capital Management LLC raised its stake in shares of Allegro MicroSystems by 59.9% in the fourth quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock valued at $161,000 after acquiring an additional 2,758 shares in the last quarter. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Trading Down 1.2 %

Shares of ALGM stock traded down $0.33 on Monday, reaching $26.45. 431,630 shares of the company’s stock were exchanged, compared to its average volume of 3,237,278. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $4.87 billion, a PE ratio of -75.41 and a beta of 1.67. The company’s fifty day simple moving average is $24.68 and its 200 day simple moving average is $22.79.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ALGM shares. Morgan Stanley raised their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. Needham & Company LLC restated a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. Wells Fargo & Company boosted their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Finally, Barclays boosted their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $30.70.

About Allegro MicroSystems

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.