Stock Traders Purchase High Volume of Call Options on Allegro MicroSystems (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the recipient of unusually large options trading activity on Thursday. Stock investors acquired 11,026 call options on the stock. This represents an increase of approximately 313% compared to the average volume of 2,667 call options.

Allegro MicroSystems Trading Down 1.4 %

NASDAQ ALGM traded down $0.39 on Thursday, hitting $27.03. 835,593 shares of the stock were exchanged, compared to its average volume of 2,183,677. Allegro MicroSystems has a 52-week low of $18.59 and a 52-week high of $33.26. The stock has a fifty day moving average price of $24.84 and a two-hundred day moving average price of $22.86. The firm has a market capitalization of $4.98 billion, a P/E ratio of -77.56 and a beta of 1.67. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors and hedge funds have recently modified their holdings of the business. Mackenzie Financial Corp raised its position in Allegro MicroSystems by 2.8% during the 4th quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock valued at $398,000 after purchasing an additional 491 shares in the last quarter. Avior Wealth Management LLC lifted its position in Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after acquiring an additional 737 shares during the period. Prosperity Financial Group Inc. raised its position in Allegro MicroSystems by 7.9% during the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock worth $248,000 after buying an additional 784 shares during the last quarter. KBC Group NV boosted its holdings in Allegro MicroSystems by 40.9% in the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after purchasing an additional 1,042 shares during the last quarter. Finally, Keybank National Association OH grew its holdings in Allegro MicroSystems by 14.9% during the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock worth $257,000 after acquiring an additional 1,522 shares during the period. 56.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on ALGM shares. Morgan Stanley upped their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. Barclays boosted their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Wells Fargo & Company boosted their target price 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 reiterated a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $30.70.

Allegro MicroSystems Company Profile

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.