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

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the target of some unusual options trading on Monday. Stock traders acquired 25,012 put options on the company. This represents an increase of approximately 952% compared to the average daily volume of 2,377 put options.

Allegro MicroSystems Price Performance

NASDAQ:ALGM traded down $0.27 during trading hours on Friday, hitting $26.57. 3,312,245 shares of the stock were exchanged, compared to its average volume of 2,196,731. The firm's fifty day moving average price is $24.91 and its 200 day moving average price is $22.89. Allegro MicroSystems has a 52-week low of $18.59 and a 52-week high of $33.26. The company has a market cap of $4.89 billion, a P/E ratio of -75.91 and a beta of 1.67. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

Analysts Set New Price Targets

A number of analysts have recently commented on ALGM shares. Barclays upped their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Morgan Stanley lifted their target price 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. Wells Fargo & Company increased their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, January 13th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.70.

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Institutional Trading of Allegro MicroSystems

Large investors have recently made changes to their positions in the company. TD Waterhouse Canada Inc. acquired a new stake in Allegro MicroSystems during the 4th quarter worth $40,000. Venturi Wealth Management LLC purchased a new position in shares of Allegro MicroSystems in the fourth quarter worth about $47,000. Quarry LP acquired a new position in Allegro MicroSystems during the fourth quarter worth about $79,000. KBC Group NV grew its stake in 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 acquiring an additional 1,042 shares in the last quarter. Finally, Sterling Capital Management LLC raised 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 acquiring an additional 2,758 shares during the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

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.