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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the recipient of unusually large options trading activity on Monday. Traders bought 25,012 put options on the stock. This is an increase of 952% compared to the typical daily volume of 2,377 put options.

Analysts Set New Price Targets

Several research firms have commented on ALGM. Morgan Stanley increased their target price on shares of 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 upped their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC restated a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a report on Monday, February 24th. Finally, Wells Fargo & Company upped their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a report on Monday, January 13th. 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, the company currently has an average rating of “Moderate Buy” and an average price target of $30.70.

Allegro MicroSystems Stock Up 0.6 %

NASDAQ ALGM opened at $26.94 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.00 and a current ratio of 4.91. The firm has a 50-day simple moving average of $24.72 and a 200 day simple moving average of $22.81. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26. The stock has a market cap of $4.96 billion, a PE ratio of -76.97 and a beta of 1.67.

Institutional Investors Weigh In On Allegro MicroSystems

Several hedge funds have recently made changes to their positions in ALGM. FMR LLC raised its position 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 purchasing an additional 8,534,089 shares in the last quarter. Wellington Management Group LLP acquired a new position in Allegro MicroSystems in the third quarter worth about $71,289,000. JPMorgan Chase & Co. raised its position in Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after purchasing an additional 1,884,578 shares in the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in Allegro MicroSystems in the fourth quarter worth about $35,433,000. Finally, State Street Corp raised its position in Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after purchasing an additional 1,615,351 shares in the last quarter. 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.