Stock Traders Purchase Large Volume of Put Options on Allegro MicroSystems (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the recipient of some unusual options trading on Thursday. Stock traders purchased 27,014 put options on the company. This is an increase of approximately 2,235% compared to the average daily volume of 1,157 put options.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Wells Fargo & Company upped their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, January 13th. Morgan Stanley began coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They set an "equal weight" rating and a $21.00 price objective for the company. Barclays lifted 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. Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday, October 18th. Finally, Needham & Company LLC cut their price objective on Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $30.91.

Allegro MicroSystems Stock Performance

ALGM stock traded down $0.59 during midday trading on Friday, hitting $24.35. The stock had a trading volume of 2,333,726 shares, compared to its average volume of 2,177,275. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The stock has a 50-day simple moving average of $22.26 and a 200 day simple moving average of $23.10. The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of -173.92 and a beta of 1.65.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.02. The company had revenue of $187.39 million during the quarter, compared to the consensus estimate of $187.52 million. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The firm's revenue for the quarter was down 32.0% compared to the same quarter last year. During the same period last year, the firm earned $0.36 EPS.

Insider Activity at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of the business's stock in a transaction that occurred on Monday, November 18th. The shares were purchased at an average price of $19.00 per share, with a total value of $285,000.00. Following the completion of the transaction, the senior vice president now owns 246,086 shares in the company, valued at $4,675,634. The trade was a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.50% of the company's stock.

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors have recently added to or reduced their stakes in ALGM. Pacer Advisors Inc. grew its stake in Allegro MicroSystems by 14.5% during the fourth quarter. Pacer Advisors Inc. now owns 59,366 shares of the company's stock worth $1,298,000 after buying an additional 7,514 shares during the last quarter. KBC Group NV lifted its position in shares of Allegro MicroSystems by 522.1% during the fourth quarter. KBC Group NV now owns 22,335 shares of the company's stock worth $488,000 after purchasing an additional 18,745 shares in the last quarter. Avior Wealth Management LLC grew its stake in shares of Allegro MicroSystems by 5.3% during the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company's stock valued at $321,000 after purchasing an additional 737 shares during the last quarter. Oak Thistle LLC acquired a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $649,000. Finally, JPMorgan Chase & Co. raised its position in Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

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.