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

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the recipient of some unusual options trading activity on Friday. Stock investors purchased 5,214 call options on the company. This is an increase of approximately 300% compared to the average daily volume of 1,305 call options.

Allegro MicroSystems Trading Up 1.7 %

ALGM traded up $0.36 during trading on Friday, hitting $22.00. 1,912,573 shares of the stock were exchanged, compared to its average volume of 1,936,343. Allegro MicroSystems has a 1 year low of $18.59 and a 1 year high of $33.26. The firm has a market cap of $4.05 billion, a price-to-earnings ratio of -157.14 and a beta of 1.67. The firm has a 50 day simple moving average of $21.16 and a 200 day simple moving average of $24.31. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22.

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ALGM. Loop Capital initiated coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 target price on the stock. UBS Group initiated coverage on Allegro MicroSystems in a research note on Tuesday, September 3rd. They issued a "buy" rating and a $33.00 price objective on the stock. Barclays lowered their target price on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a research report on Friday, November 1st. Needham & Company LLC reduced their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, October 31st. Finally, Morgan Stanley assumed coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They set an "equal weight" rating and a $21.00 price objective for the company. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, Allegro MicroSystems currently has a consensus rating of "Moderate Buy" and an average price target of $30.09.

Insider Activity

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

Institutional Investors Weigh In On Allegro MicroSystems

A number of hedge funds and other institutional investors have recently bought and sold shares of ALGM. FMR LLC boosted its holdings in Allegro MicroSystems by 43.3% in the third quarter. FMR LLC now owns 28,253,811 shares of the company's stock worth $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 in the 3rd quarter valued at approximately $71,289,000. State Street Corp raised its position in shares of 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 purchasing an additional 1,615,351 shares during the last quarter. Geode Capital Management LLC boosted its stake in Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock worth $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. Finally, Loomis Sayles & Co. L P purchased a new stake in Allegro MicroSystems during the 3rd quarter worth approximately $18,269,000. Hedge funds and other institutional investors own 56.45% of the company's stock.

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.