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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw unusually large options trading on Monday. Traders purchased 50,600 put options on the stock. This is an increase of approximately 1,836% compared to the average daily volume of 2,614 put options.

Allegro MicroSystems Stock Up 0.1 %

Shares of ALGM traded up $0.02 during midday trading on Monday, hitting $22.25. The company had a trading volume of 580,179 shares, compared to its average volume of 2,361,004. The company’s 50-day simple moving average is $24.92 and its 200-day simple moving average is $23.04. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. Allegro MicroSystems has a 1 year low of $18.34 and a 1 year high of $33.26. The firm has a market capitalization of $4.10 billion, a P/E ratio of -63.57 and a beta of 1.53.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. UMB Bank n.a. raised its holdings in shares of Allegro MicroSystems by 68.6% in the 1st quarter. UMB Bank n.a. now owns 1,420 shares of the company’s stock valued at $36,000 after purchasing an additional 578 shares in the last quarter. TD Waterhouse Canada Inc. purchased a new stake in Allegro MicroSystems during the 4th quarter worth about $40,000. Venturi Wealth Management LLC acquired a new position in shares of Allegro MicroSystems during the 4th quarter worth about $47,000. Quarry LP purchased a new position in shares of Allegro MicroSystems in the 4th quarter valued at about $79,000. Finally, Sterling Capital Management LLC raised its position in shares of Allegro MicroSystems by 59.9% during the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock worth $161,000 after acquiring an additional 2,758 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Morgan Stanley increased 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. Wells Fargo & Company increased their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Needham & Company LLC restated a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. Barclays lifted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Mizuho raised their price target on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an “outperform” rating in a research report on Monday, March 24th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $31.20.

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.