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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw unusually large options trading activity on Friday. Stock traders purchased 5,214 call options on the company. This is an increase of approximately 300% compared to the average volume of 1,305 call options.

Insider Transactions at Allegro MicroSystems

In other Allegro MicroSystems news, SVP Michael Doogue acquired 15,000 shares of the stock in a transaction on Monday, November 18th. The shares were purchased at an average price of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the senior vice president now owns 246,086 shares in the company, valued at approximately $4,675,634. This represents a 6.49 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Allegro MicroSystems

Large investors have recently added to or reduced their stakes in the company. KBC Group NV boosted its position in Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock worth $84,000 after purchasing an additional 1,042 shares during the period. CWM LLC grew its stake in Allegro MicroSystems by 27.7% in the 2nd quarter. CWM LLC now owns 4,241 shares of the company’s stock valued at $120,000 after buying an additional 921 shares in the last quarter. Van ECK Associates Corp bought a new stake in Allegro MicroSystems during the 3rd quarter valued at $172,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Allegro MicroSystems during the second quarter worth $211,000. Finally, Intech Investment Management LLC bought a new position in shares of Allegro MicroSystems in the third quarter worth $214,000. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company started coverage on shares of Allegro MicroSystems in a report on Friday, November 22nd. They issued an “overweight” rating and a $23.00 target price on the stock. Loop Capital initiated coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price on the stock. Needham & Company LLC decreased their price target on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Morgan Stanley began coverage on Allegro MicroSystems in a research note on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective on the stock. Finally, Barclays reduced their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a research note on Friday, November 1st. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Allegro MicroSystems has an average rating of “Moderate Buy” and an average price target of $30.09.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $22.00 on Friday. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26. The firm’s 50-day simple moving average is $21.16 and its two-hundred day simple moving average is $24.31. The firm has a market cap of $4.05 billion, a price-to-earnings ratio of -157.14 and a beta of 1.67. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22.

Allegro MicroSystems (NASDAQ:ALGM) last posted its quarterly earnings results on Thursday, October 31st. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Allegro MicroSystems had a negative net margin of 2.96% and a positive return on equity of 8.48%. The company had revenue of $187.39 million for the quarter, compared to analysts’ expectations of $187.52 million. During the same quarter in the previous year, the firm posted $0.36 EPS. Allegro MicroSystems’s revenue was down 32.0% on a year-over-year basis.

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.