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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of some unusual options trading on Thursday. Investors purchased 27,014 put options on the stock. This represents an increase of approximately 2,235% compared to the average daily volume of 1,157 put options.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ALGM shares. Needham & Company LLC lowered their price target on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Loop Capital initiated coverage on shares of Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective for the company. Wells Fargo & Company boosted their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. Finally, Barclays boosted 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. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Allegro MicroSystems currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.91.

Allegro MicroSystems Stock Down 2.1 %

Shares of ALGM stock traded down $0.52 during trading hours on Thursday, reaching $24.50. 1,020,367 shares of the company’s stock were exchanged, compared to its average volume of 1,980,613. The stock’s 50 day moving average is $22.16 and its 200-day moving average is $23.09. The company has a market cap of $4.51 billion, a price-to-earnings ratio of -174.77 and a beta of 1.65. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. Allegro MicroSystems has a fifty-two week low of $18.59 and a fifty-two week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last released its earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.02. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. The firm had revenue of $187.39 million for the quarter, compared to the consensus estimate of $187.52 million. During the same period in the prior year, the firm earned $0.36 EPS. The firm’s revenue was down 32.0% on a year-over-year basis.

Insider Buying and Selling at Allegro MicroSystems

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

Hedge Funds Weigh In On Allegro MicroSystems

Several hedge funds have recently made changes to their positions in the company. Pacer Advisors Inc. increased its position in shares of Allegro MicroSystems by 14.5% in the 4th quarter. Pacer Advisors Inc. now owns 59,366 shares of the company’s stock valued at $1,298,000 after acquiring an additional 7,514 shares during the period. KBC Group NV boosted its holdings in Allegro MicroSystems by 522.1% in the fourth quarter. KBC Group NV now owns 22,335 shares of the company’s stock valued at $488,000 after purchasing an additional 18,745 shares during the last quarter. Avior Wealth Management LLC boosted its holdings in Allegro MicroSystems by 5.3% in 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 purchased a new stake in Allegro MicroSystems in the fourth quarter valued at $649,000. Finally, JPMorgan Chase & Co. boosted its holdings in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $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.

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.