Allegro MicroSystems Target of Unusually Large Options Trading (NASDAQ:ALGM)

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

Analyst Ratings Changes

Several analysts have recently issued reports on ALGM shares. Needham & Company LLC decreased their target price 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. Loop Capital began coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective on the stock. Mizuho set a $26.00 target price on Allegro MicroSystems in a report on Friday, October 18th. Morgan Stanley initiated coverage on Allegro MicroSystems in a report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price target on the stock. Finally, Barclays raised their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $30.91.

Insider Buying and Selling at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue purchased 15,000 shares of Allegro MicroSystems stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the transaction, 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 position. 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 Trading of Allegro MicroSystems

A number of large investors have recently modified their holdings of the company. FMR LLC raised its holdings in shares of 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 purchasing an additional 8,534,089 shares in the last quarter. Wellington Management Group LLP bought a new position in Allegro MicroSystems in the third quarter worth approximately $71,289,000. JPMorgan Chase & Co. raised its stake 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 buying an additional 1,884,578 shares in the last quarter. State Street Corp lifted its holdings in Allegro MicroSystems by 41.7% during the third quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after buying an additional 1,615,351 shares during the period. Finally, Geode Capital Management LLC boosted its position in Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after acquiring an additional 1,187,792 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Down 2.4 %

NASDAQ:ALGM opened at $24.35 on Friday. The company has a market cap of $4.48 billion, a price-to-earnings ratio of -173.92 and a beta of 1.65. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26. The company has a current ratio of 4.22, a quick ratio of 2.80 and a debt-to-equity ratio of 0.42. The stock has a fifty day simple moving average of $22.36 and a 200-day simple moving average of $23.06.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The company 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 firm’s revenue for the quarter was down 32.0% on a year-over-year basis. During the same quarter last year, the business posted $0.36 EPS.

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.