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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of unusually large options trading on Monday. Stock traders acquired 10,933 call options on the stock. This is an increase of 436% compared to the typical volume of 2,041 call options.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ALGM shares. Loop Capital started coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 target price on the stock. Wells Fargo & Company boosted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Morgan Stanley upped their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. Needham & Company LLC reissued a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. Finally, Barclays upped their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $30.70.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors have recently modified their holdings of the stock. Westfield Capital Management Co. LP raised its holdings in shares of Allegro MicroSystems by 54.6% during the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company’s stock worth $46,937,000 after acquiring an additional 711,185 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after buying an additional 1,884,578 shares during the last quarter. Geode Capital Management LLC lifted its stake in Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after acquiring an additional 1,187,792 shares during the last quarter. Venturi Wealth Management LLC acquired a new stake in Allegro MicroSystems in the fourth quarter valued at approximately $47,000. Finally, Wellington Management Group LLP bought a new stake in Allegro MicroSystems in the third quarter worth approximately $71,289,000. Institutional investors and hedge funds own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

ALGM stock opened at $25.62 on Tuesday. The stock has a market cap of $4.72 billion, a P/E ratio of -73.20 and a beta of 1.66. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The firm has a 50 day simple moving average of $23.96 and a 200 day simple moving average of $22.70. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26.

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.