Investors Buy Large Volume of Allegro MicroSystems Call Options (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) saw some unusual options trading activity on Thursday. Stock traders acquired 11,026 call options on the company. This represents an increase of 313% compared to the typical volume of 2,667 call options.

Allegro MicroSystems Stock Up 2.8 %

NASDAQ ALGM traded up $0.74 on Monday, hitting $27.31. 587,410 shares of the company were exchanged, compared to its average volume of 2,197,685. The stock has a fifty day moving average of $24.98 and a 200-day moving average of $22.90. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The company has a market cap of $5.03 billion, a PE ratio of -78.03 and a beta of 1.67.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ALGM. FMR LLC lifted its position in Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company's stock valued at $658,314,000 after acquiring an additional 8,534,089 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Allegro MicroSystems during the third quarter valued at approximately $71,289,000. JPMorgan Chase & Co. grew its holdings in Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after buying an additional 1,884,578 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Allegro MicroSystems during the fourth quarter worth $35,433,000. Finally, State Street Corp raised its position in Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company's stock valued at $127,831,000 after buying an additional 1,615,351 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Mizuho increased 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. Needham & Company LLC reissued a "buy" rating and set a $30.00 target price on shares of Allegro MicroSystems in a report on Monday, February 24th. Wells Fargo & Company raised 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 price objective on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a research note on Friday, January 17th. Finally, Morgan Stanley boosted their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Allegro MicroSystems has an average rating of "Moderate Buy" and an average target price of $31.20.

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.