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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the recipient of some unusual options trading on Thursday. Investors acquired 11,026 call options on the stock. This represents an increase of approximately 313% compared to the average daily volume of 2,667 call options.

Wall Street Analysts Forecast Growth

ALGM has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Barclays increased their target price 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 restated a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. Finally, Morgan Stanley increased 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. 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 a consensus rating of “Moderate Buy” and an average target price of $30.70.

Institutional Trading of Allegro MicroSystems

Several large investors have recently added to or reduced their stakes in ALGM. FMR LLC grew its holdings in shares of Allegro MicroSystems by 43.3% in the third quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after purchasing an additional 8,534,089 shares during the period. JPMorgan Chase & Co. raised its position in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the period. Capital Research Global Investors lifted its stake in shares of Allegro MicroSystems by 6.5% in the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company’s stock valued at $126,093,000 after purchasing an additional 353,776 shares during the last quarter. State Street Corp grew its holdings in shares of Allegro MicroSystems by 41.7% during the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after purchasing an additional 1,615,351 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Allegro MicroSystems by 30.5% during the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock worth $87,302,000 after purchasing an additional 934,048 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

ALGM traded down $0.39 during trading on Thursday, reaching $27.03. The company’s stock had a trading volume of 835,593 shares, compared to its average volume of 2,183,677. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The firm has a fifty day simple moving average of $24.84 and a two-hundred day simple moving average of $22.86. The company has a market cap of $4.98 billion, a price-to-earnings ratio of -77.56 and a beta of 1.67. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26.

About Allegro MicroSystems

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.