Investors Purchase Large Volume of Put Options on Allegro MicroSystems (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw unusually large options trading activity on Friday. Investors acquired 18,539 put options on the company. This is an increase of 642% compared to the average daily volume of 2,499 put options.

Allegro MicroSystems Trading Down 0.0 %

NASDAQ ALGM traded down $0.01 during trading on Friday, reaching $26.40. 299,962 shares of the stock traded hands, compared to its average volume of 1,679,535. The firm has a market cap of $5.10 billion, a price-to-earnings ratio of 23.17 and a beta of 1.82. The stock’s 50-day moving average price is $28.90 and its 200 day moving average price is $28.54. The company has a quick ratio of 3.19, a current ratio of 4.57 and a debt-to-equity ratio of 0.22. Allegro MicroSystems has a fifty-two week low of $24.66 and a fifty-two week high of $53.05.

Allegro MicroSystems (NASDAQ:ALGM) last issued its quarterly earnings data on Thursday, February 1st. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $254.98 million during the quarter, compared to analysts’ expectations of $255.00 million. Allegro MicroSystems had a net margin of 21.14% and a return on equity of 23.84%. Analysts predict that Allegro MicroSystems will post 1.13 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Evercore ISI assumed coverage on shares of Allegro MicroSystems in a research note on Tuesday. They issued an “outperform” rating and a $36.00 target price for the company. Wolfe Research raised shares of Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price for the company in a research note on Friday, February 2nd. Needham & Company LLC dropped their target price on shares of Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, February 2nd. Finally, TD Cowen boosted their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Allegro MicroSystems currently has an average rating of “Moderate Buy” and an average price target of $44.50.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ALGM. GAMMA Investing LLC bought a new position in Allegro MicroSystems in the fourth quarter valued at approximately $28,000. State of Wyoming bought a new position in Allegro MicroSystems in the second quarter valued at approximately $28,000. Altshuler Shaham Ltd bought a new position in Allegro MicroSystems in the fourth quarter valued at approximately $32,000. Harbour Investments Inc. bought a new position in Allegro MicroSystems in the first quarter valued at approximately $33,000. Finally, PNC Financial Services Group Inc. lifted its stake in Allegro MicroSystems by 201.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock valued at $33,000 after buying an additional 774 shares in the last quarter. Institutional investors and hedge funds own 56.45% of the company’s stock.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.