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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the recipient of some unusual options trading on Monday. Stock traders bought 25,012 put options on the stock. This represents an increase of 952% compared to the average daily volume of 2,377 put options.

Allegro MicroSystems Price Performance

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

Hedge Funds Weigh In On Allegro MicroSystems

A number of institutional investors have recently added to or reduced their stakes in ALGM. State of New Jersey Common Pension Fund D bought a new position in shares of Allegro MicroSystems during the 3rd quarter valued at about $1,890,000. Victory Capital Management Inc. increased its position in shares of Allegro MicroSystems by 90.3% during the 3rd quarter. Victory Capital Management Inc. now owns 31,461 shares of the company’s stock valued at $733,000 after purchasing an additional 14,925 shares during the last quarter. KBC Group NV increased its position in shares of Allegro MicroSystems by 40.9% during the 3rd 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 during the last quarter. Natixis Advisors LLC increased its position in shares of Allegro MicroSystems by 5.7% during the 3rd quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock valued at $700,000 after purchasing an additional 1,625 shares during the last quarter. Finally, Mutual of America Capital Management LLC increased its position in shares of 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 valued at $1,957,000 after purchasing an additional 43,090 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ALGM has been the subject of a number of analyst reports. Wells Fargo & Company increased their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Barclays lifted their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research note on Monday, February 24th. Finally, Morgan Stanley raised their target price 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. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $30.70.

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.