Investors Buy Large Volume of Call Options on Allegro MicroSystems (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of some unusual options trading on Monday. Traders purchased 10,933 call options on the company. This represents an increase of 436% compared to the average daily volume of 2,041 call options.

Allegro MicroSystems Stock Down 2.3 %

NASDAQ:ALGM opened at $25.04 on Wednesday. The company has a quick ratio of 3.00, a current ratio of 4.91 and a debt-to-equity ratio of 0.40. The stock’s fifty day moving average is $24.02 and its two-hundred day moving average is $22.70. Allegro MicroSystems has a 52 week low of $18.59 and a 52 week high of $33.26. The stock has a market capitalization of $4.61 billion, a price-to-earnings ratio of -71.54 and a beta of 1.66.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. FMR LLC lifted its stake in Allegro MicroSystems by 43.3% during the third quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after purchasing an additional 8,534,089 shares in the last quarter. JPMorgan Chase & Co. lifted its stake 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 purchasing an additional 1,884,578 shares in the last quarter. Capital Research Global Investors lifted its stake 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 purchasing an additional 353,776 shares in the last quarter. State Street Corp lifted its stake 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 purchasing an additional 1,615,351 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Allegro MicroSystems by 30.5% during the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock worth $87,302,000 after purchasing an additional 934,048 shares in the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

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.