Traders Purchase High Volume of Allegro MicroSystems Put Options (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw some unusual options trading on Wednesday. Investors bought 18,618 put options on the company. This is an increase of 762% compared to the typical volume of 2,161 put options.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. TD Cowen lifted their price target on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. UBS Group began coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 price objective on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $33.00 target price on shares of Allegro MicroSystems in a report on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Allegro MicroSystems presently has a consensus rating of “Moderate Buy” and an average target price of $34.44.

Insider Activity

In other news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $23.16, for a total value of $232,001,015.40. Following the completion of the transaction, the insider now owns 59,732,782 shares of the company’s stock, valued at approximately $1,383,411,231.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Allegro MicroSystems

A number of institutional investors and hedge funds have recently modified their holdings of ALGM. Vanguard Group Inc. raised its stake in Allegro MicroSystems by 13.5% in the first quarter. Vanguard Group Inc. now owns 8,400,064 shares of the company’s stock valued at $226,466,000 after buying an additional 999,939 shares during the period. 1832 Asset Management L.P. acquired a new position in shares of Allegro MicroSystems in the fourth quarter valued at $28,756,000. Bamco Inc. NY raised its position in shares of Allegro MicroSystems by 477.6% in the first quarter. Bamco Inc. NY now owns 668,811 shares of the company’s stock valued at $18,031,000 after purchasing an additional 553,016 shares during the period. Norges Bank acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth about $15,791,000. Finally, GW&K Investment Management LLC boosted its holdings in shares of Allegro MicroSystems by 90.9% during the 4th quarter. GW&K Investment Management LLC now owns 1,050,208 shares of the company’s stock worth $31,790,000 after buying an additional 499,936 shares during the period. 56.45% of the stock is owned by institutional investors.

Allegro MicroSystems Stock Up 0.9 %

Shares of NASDAQ:ALGM traded up $0.20 during midday trading on Wednesday, reaching $23.16. The company had a trading volume of 589,873 shares, compared to its average volume of 1,834,190. The business’s 50 day moving average price is $24.85 and its 200 day moving average price is $27.31. Allegro MicroSystems has a 1-year low of $20.42 and a 1-year high of $33.45. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18. The stock has a market cap of $4.49 billion, a PE ratio of 29.82 and a beta of 1.68.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.01. The company had revenue of $166.90 million for the quarter, compared to analysts’ expectations of $165.04 million. Allegro MicroSystems had a return on equity of 13.88% and a net margin of 7.91%. The business’s revenue was down 40.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.34 EPS. Research analysts forecast that Allegro MicroSystems will post 0.16 EPS for the current fiscal year.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.