Allegro MicroSystems Target of Unusually Large Options Trading (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the recipient of some unusual options trading activity on Tuesday. Traders purchased 10,001 put options on the company. This represents an increase of 318% compared to the average daily volume of 2,390 put options.

Allegro MicroSystems Stock Performance

Shares of ALGM stock opened at $20.03 on Thursday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. The firm has a fifty day moving average of $21.81 and a 200-day moving average of $25.60. Allegro MicroSystems has a 52-week low of $19.71 and a 52-week high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced 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 firm had revenue of $187.39 million during the quarter, compared to analysts’ expectations of $187.52 million. During the same quarter last year, the company earned $0.36 earnings per share. The company’s revenue for the quarter was down 32.0% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Morgan Stanley started coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective for the company. Needham & Company LLC lowered their price target on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Mizuho set a $26.00 price objective on Allegro MicroSystems in a research report on Friday, October 18th. Barclays lowered their target price on Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating on the stock in a report on Friday, November 1st. Finally, UBS Group began coverage on Allegro MicroSystems in a report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.80.

Institutional Investors Weigh In On Allegro MicroSystems

Several institutional investors and hedge funds have recently made changes to their positions in the company. MetLife Investment Management LLC lifted its holdings in Allegro MicroSystems by 111.6% during the 3rd quarter. MetLife Investment Management LLC now owns 79,763 shares of the company’s stock valued at $1,858,000 after purchasing an additional 42,068 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Allegro MicroSystems by 8.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 223,183 shares of the company’s stock valued at $5,200,000 after acquiring an additional 18,165 shares during the last quarter. FMR LLC boosted its holdings in shares of Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after acquiring an additional 8,534,089 shares in the last quarter. Loomis Sayles & Co. L P bought a new stake in Allegro MicroSystems during the 3rd quarter worth approximately $18,269,000. Finally, Prosperity Financial Group Inc. increased its holdings in 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. Institutional investors and hedge funds own 56.45% of the company’s stock.

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.