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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw some unusual options trading on Monday. Investors bought 25,012 put options on the company. This represents an increase of approximately 952% compared to the typical volume of 2,377 put options.

Allegro MicroSystems Trading Up 0.6 %

NASDAQ ALGM opened at $26.94 on Tuesday. Allegro MicroSystems has a 1-year low of $18.59 and a 1-year high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $4.96 billion, a PE ratio of -76.97 and a beta of 1.67. The firm’s fifty day simple moving average is $24.72 and its 200-day simple moving average is $22.81.

Hedge Funds Weigh In On Allegro MicroSystems

A number of hedge funds have recently modified their holdings of ALGM. State of New Jersey Common Pension Fund D acquired a new position in shares of Allegro MicroSystems in the third quarter worth $1,890,000. Victory Capital Management Inc. increased its position in Allegro MicroSystems by 90.3% during the third quarter. Victory Capital Management Inc. now owns 31,461 shares of the company’s stock worth $733,000 after buying an additional 14,925 shares during the last quarter. KBC Group NV increased 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 buying an additional 1,042 shares during the last quarter. Natixis Advisors LLC increased its position in Allegro MicroSystems by 5.7% during the third quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock worth $700,000 after buying an additional 1,625 shares during the last quarter. Finally, Mutual of America Capital Management LLC increased its position in Allegro MicroSystems by 105.3% during the third quarter. Mutual of America Capital Management LLC now owns 84,003 shares of the company’s stock worth $1,957,000 after buying an additional 43,090 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALGM has been the topic of several recent analyst reports. Barclays boosted their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Wells Fargo & Company boosted their target price on shares of 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 reissued a “buy” rating and set a $30.00 target price on shares of Allegro MicroSystems in a research note on Monday, February 24th. Finally, Morgan Stanley boosted their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research note on Monday, February 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.70.

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.