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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of unusually large options trading on Monday. Investors bought 25,012 put options on the company. This is an increase of 952% compared to the average daily volume of 2,377 put options.

Wall Street Analyst Weigh In

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

Allegro MicroSystems Price Performance

ALGM stock opened at $26.90 on Wednesday. The stock has a 50-day moving average price of $24.77 and a two-hundred day moving average price of $22.83. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26. The stock has a market cap of $4.95 billion, a PE ratio of -76.86 and a beta of 1.67. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

Institutional Investors Weigh In On Allegro MicroSystems

A number of hedge funds and other institutional investors have recently bought and sold shares of ALGM. State of New Jersey Common Pension Fund D acquired a new position in Allegro MicroSystems during the 3rd quarter worth approximately $1,890,000. Victory Capital Management Inc. boosted its holdings in Allegro MicroSystems by 90.3% during the third quarter. Victory Capital Management Inc. now owns 31,461 shares of the company’s stock worth $733,000 after purchasing an additional 14,925 shares during the last quarter. KBC Group NV grew its position in Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after purchasing an additional 1,042 shares in the last quarter. Natixis Advisors LLC increased its stake in Allegro MicroSystems by 5.7% in the 3rd quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock valued at $700,000 after buying an additional 1,625 shares during the last quarter. Finally, Mutual of America Capital Management LLC lifted its position in Allegro MicroSystems by 105.3% during the 3rd quarter. Mutual of America Capital Management LLC now owns 84,003 shares of the company’s stock worth $1,957,000 after buying an additional 43,090 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.