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

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

Allegro MicroSystems Trading Down 1.0 %

Shares of Allegro MicroSystems stock opened at $26.57 on Friday. The firm has a market capitalization of $4.89 billion, a PE ratio of -75.91 and a beta of 1.67. Allegro MicroSystems has a twelve month low of $18.59 and a twelve month high of $33.26. The firm’s 50-day moving average price is $24.98 and its 200 day moving average price is $22.90. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ALGM. Barclays raised their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Wells Fargo & Company increased their price target on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $30.00 price target on shares of Allegro MicroSystems in a research report on Monday, February 24th. Finally, Morgan Stanley raised their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.70.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. TD Waterhouse Canada Inc. purchased a new position in Allegro MicroSystems in the 4th quarter valued at about $40,000. Venturi Wealth Management LLC purchased a new position in Allegro MicroSystems in the 4th quarter valued at about $47,000. KBC Group NV lifted its stake in Allegro MicroSystems by 40.9% in the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares in the last quarter. Quarry LP purchased a new position in Allegro MicroSystems in the 4th quarter worth approximately $79,000. Finally, Sterling Capital Management LLC lifted its stake in Allegro MicroSystems by 59.9% in the 4th quarter. Sterling Capital Management LLC now owns 7,364 shares of the company’s stock worth $161,000 after purchasing an additional 2,758 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

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.