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

Allegro MicroSystems, Inc. (NASDAQ:ALGMGet Free Report) 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.

Check Out Our Latest Stock Report on Allegro MicroSystems

Allegro MicroSystems Company Profile

(Get Free Report)

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.

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