Traders Purchase Large Volume of Allegro MicroSystems Call Options (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the recipient of unusually large options trading activity on Monday. Stock traders acquired 10,933 call options on the stock. This represents an increase of approximately 436% compared to the average volume of 2,041 call options.

Analysts Set New Price Targets

A number of equities analysts have commented on ALGM shares. Wells Fargo & Company lifted their target price on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Needham & Company LLC restated a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. Loop Capital assumed coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They set a “buy” rating and a $30.00 price objective for the company. Barclays raised their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Morgan Stanley upped their price target 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. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.70.

Allegro MicroSystems Price Performance

Shares of NASDAQ ALGM opened at $25.62 on Tuesday. The firm’s 50-day simple moving average is $23.96 and its 200 day simple moving average is $22.70. The stock has a market cap of $4.72 billion, a P/E ratio of -73.20 and a beta of 1.66. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. Allegro MicroSystems has a fifty-two week low of $18.59 and a fifty-two week high of $33.26.

Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently made changes to their positions in ALGM. FMR LLC increased its position in shares of Allegro MicroSystems by 43.3% during 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 during the period. JPMorgan Chase & Co. grew its holdings in Allegro MicroSystems by 20.6% during the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock worth $256,851,000 after acquiring an additional 1,884,578 shares during the period. Capital Research Global Investors grew its holdings in Allegro MicroSystems by 6.5% during the fourth quarter. Capital Research Global Investors now owns 5,768,208 shares of the company’s stock worth $126,093,000 after acquiring an additional 353,776 shares during the period. 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 acquiring an additional 1,615,351 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock valued at $87,302,000 after acquiring an additional 934,048 shares during the last quarter. 56.45% of the stock is currently owned by 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.