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

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) saw unusually large options trading activity on Monday. Stock traders bought 10,933 call options on the company. This is an increase of 436% compared to the average daily volume of 2,041 call options.

Institutional Trading of Allegro MicroSystems

A number of hedge funds have recently made changes to their positions in the business. Louisiana State Employees Retirement System raised its position in shares of Allegro MicroSystems by 113.4% in the third quarter. Louisiana State Employees Retirement System now owns 43,100 shares of the company's stock valued at $1,004,000 after purchasing an additional 22,900 shares during the period. New York State Teachers Retirement System grew its position in shares of Allegro MicroSystems by 97.4% in the third quarter. New York State Teachers Retirement System now owns 22,900 shares of the company's stock valued at $534,000 after purchasing an additional 11,300 shares during the last quarter. Van ECK Associates Corp acquired a new position in Allegro MicroSystems in the 3rd quarter valued at $172,000. Amalgamated Bank increased its position in Allegro MicroSystems by 99.1% during the 3rd quarter. Amalgamated Bank now owns 72,399 shares of the company's stock worth $1,687,000 after buying an additional 36,042 shares during the period. Finally, Principal Financial Group Inc. lifted its holdings in shares of Allegro MicroSystems by 14.1% during the third quarter. Principal Financial Group Inc. now owns 2,499,760 shares of the company's stock worth $58,244,000 after buying an additional 308,943 shares in the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ALGM shares. Morgan Stanley raised their price objective on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the stock an "equal weight" rating in a report on Monday, February 3rd. Barclays increased their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Needham & Company LLC reiterated a "buy" rating and set a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. Loop Capital assumed coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price objective for the company. Finally, 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 research report on Monday, January 13th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $30.70.

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Allegro MicroSystems Stock Performance

NASDAQ ALGM traded up $1.53 on Thursday, hitting $28.31. 9,621,573 shares of the stock were exchanged, compared to its average volume of 3,133,948. The company has a market capitalization of $5.21 billion, a PE ratio of -80.89 and a beta of 1.67. The company has a debt-to-equity ratio of 0.40, a current ratio of 4.91 and a quick ratio of 3.00. The business's fifty day moving average is $24.11 and its 200 day moving average is $22.73. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week 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.