Traders Buy High Volume of Put Options on Allegro MicroSystems (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM) saw unusually large options trading on Friday. Stock investors acquired 18,539 put options on the company. This is an increase of approximately 642% compared to the typical daily volume of 2,499 put options.

Institutional Trading of Allegro MicroSystems

A number of hedge funds and other institutional investors have recently modified their holdings of ALGM. GAMMA Investing LLC purchased a new stake in shares of Allegro MicroSystems during the fourth quarter worth about $28,000. State of Wyoming purchased a new stake in shares of Allegro MicroSystems during the second quarter worth about $28,000. Altshuler Shaham Ltd acquired a new position in Allegro MicroSystems in the fourth quarter worth about $32,000. Harbour Investments Inc. acquired a new position in Allegro MicroSystems in the first quarter worth about $33,000. Finally, PNC Financial Services Group Inc. grew its stake in Allegro MicroSystems by 201.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock worth $33,000 after purchasing an additional 774 shares in the last quarter. 56.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ALGM has been the topic of several research reports. Needham & Company LLC cut their target price on Allegro MicroSystems from $44.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, February 2nd. Evercore ISI assumed coverage on Allegro MicroSystems in a report on Tuesday. They issued an “outperform” rating and a $36.00 target price on the stock. Wolfe Research upgraded Allegro MicroSystems from a “peer perform” rating to an “outperform” rating and set a $35.00 target price on the stock in a report on Friday, February 2nd. Finally, TD Cowen lifted their target price on Allegro MicroSystems from $32.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $44.50.

Allegro MicroSystems Trading Down 1.2 %

NASDAQ:ALGM opened at $26.09 on Friday. The business’s 50-day moving average is $28.79 and its two-hundred day moving average is $28.50. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.57 and a quick ratio of 3.19. Allegro MicroSystems has a 12 month low of $24.66 and a 12 month high of $53.05. The firm has a market capitalization of $5.04 billion, a PE ratio of 22.89 and a beta of 1.82.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings data on Thursday, February 1st. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.24 by $0.03. Allegro MicroSystems had a return on equity of 23.84% and a net margin of 21.14%. The company had revenue of $254.98 million for the quarter, compared to analyst estimates of $255.00 million. Research analysts predict that Allegro MicroSystems will post 1.13 earnings per share for the current fiscal year.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.