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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw some unusual options trading on Monday. Stock traders bought 25,012 put options on the stock. This is an increase of approximately 952% compared to the typical volume of 2,377 put options.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ALGM. Barclays boosted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Wells Fargo & Company upped their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Morgan Stanley lifted their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a report on Monday, February 3rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday, February 24th. One research analyst has rated the stock with a hold rating and nine 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 target price of $30.70.

Institutional Trading of Allegro MicroSystems

Hedge funds have recently added to or reduced their stakes in the company. TD Waterhouse Canada Inc. bought a new position in Allegro MicroSystems during the 4th quarter worth $40,000. Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems in the fourth quarter valued at about $47,000. Quarry LP bought a new position in Allegro MicroSystems during the fourth quarter worth about $79,000. KBC Group NV raised its stake in Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares in the last quarter. Finally, Sterling Capital Management LLC boosted its holdings in Allegro MicroSystems by 59.9% in the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock valued at $161,000 after purchasing an additional 2,758 shares during the period. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Trading Down 0.1 %

Shares of ALGM stock opened at $26.90 on Wednesday. Allegro MicroSystems has a 12-month low of $18.59 and a 12-month high of $33.26. The company has a market capitalization of $4.95 billion, a PE ratio of -76.86 and a beta of 1.67. The firm has a 50 day moving average price of $24.77 and a two-hundred day moving average price of $22.83. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40.

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.