Allegro MicroSystems Sees Unusually High Options Volume (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the recipient of unusually large options trading on Thursday. Stock traders purchased 27,014 put options on the company. This represents an increase of 2,235% compared to the average volume of 1,157 put options.

Analyst Ratings Changes

Several equities analysts recently weighed in on ALGM shares. Needham & Company LLC lowered their target price 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 target price on Allegro MicroSystems in a research report on Friday, October 18th. Morgan Stanley started coverage on Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 target price on the stock. Loop Capital started coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a “buy” rating and a $30.00 price target on the stock. Finally, Barclays raised their price target on Allegro MicroSystems from $25.00 to $30.00 and gave the company an “overweight” rating in a report on Friday, January 17th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $30.91.

Insider Transactions at Allegro MicroSystems

In related news, SVP Michael Doogue bought 15,000 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the transaction, the senior vice president now owns 246,086 shares of the company’s stock, valued at approximately $4,675,634. This trade represents a 6.49 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Avior Wealth Management LLC grew its position in Allegro MicroSystems by 5.3% in the fourth quarter. Avior Wealth Management LLC now owns 14,691 shares of the company’s stock worth $321,000 after acquiring an additional 737 shares in the last quarter. Prosperity Financial Group Inc. grew its position in Allegro MicroSystems by 7.9% in the third quarter. Prosperity Financial Group Inc. now owns 10,657 shares of the company’s stock worth $248,000 after acquiring an additional 784 shares in the last quarter. KBC Group NV boosted its position in shares of Allegro MicroSystems by 40.9% during the third quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after buying an additional 1,042 shares during the period. ProShare Advisors LLC boosted its position in shares of Allegro MicroSystems by 9.2% during the second quarter. ProShare Advisors LLC now owns 13,280 shares of the company’s stock valued at $375,000 after buying an additional 1,123 shares during the period. Finally, Natixis Advisors LLC boosted its position in shares of Allegro MicroSystems by 5.7% during the third quarter. Natixis Advisors LLC now owns 30,062 shares of the company’s stock valued at $700,000 after buying an additional 1,625 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Price Performance

Shares of ALGM stock traded down $0.52 during trading hours on Thursday, hitting $24.50. The stock had a trading volume of 1,020,367 shares, compared to its average volume of 1,980,613. Allegro MicroSystems has a one year low of $18.59 and a one year high of $33.26. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The stock’s 50-day moving average price is $22.16 and its two-hundred day moving average price is $23.09. The stock has a market capitalization of $4.51 billion, a price-to-earnings ratio of -174.77 and a beta of 1.65.

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

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.