Stock Traders 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 Thursday. Stock traders acquired 11,026 call options on the company. This represents an increase of approximately 313% compared to the average volume of 2,667 call options.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock opened at $26.84 on Friday. 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 firm has a market cap of $4.94 billion, a P/E ratio of -76.69 and a beta of 1.67. Allegro MicroSystems has a 1-year low of $18.59 and a 1-year high of $33.26. The firm has a 50-day moving average of $24.91 and a 200-day moving average of $22.89.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors and hedge funds have recently bought and sold shares of the business. Mackenzie Financial Corp lifted its stake in Allegro MicroSystems by 2.8% in the fourth quarter. Mackenzie Financial Corp now owns 18,192 shares of the company’s stock worth $398,000 after acquiring an additional 491 shares during the period. Avior Wealth Management LLC boosted its stake in shares of Allegro MicroSystems by 5.3% during the 4th quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock valued at $321,000 after purchasing an additional 737 shares in the last quarter. Prosperity Financial Group Inc. boosted its stake in shares of Allegro MicroSystems by 7.9% during the 3rd quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock valued at $248,000 after purchasing an additional 784 shares in the last quarter. KBC Group NV raised its stake in Allegro MicroSystems by 40.9% in 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 in the last quarter. Finally, Keybank National Association OH lifted its holdings in Allegro MicroSystems by 14.9% in the fourth quarter. Keybank National Association OH now owns 11,760 shares of the company’s stock worth $257,000 after buying an additional 1,522 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on ALGM shares. Needham & Company LLC reiterated a “buy” rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Monday, February 24th. Barclays lifted their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Morgan Stanley upped their price objective 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. Finally, Wells Fargo & Company lifted their target price on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus price target of $30.70.

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.