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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of some unusual options trading on Wednesday. Stock traders purchased 18,618 put options on the stock. This represents an increase of 762% compared to the average daily volume of 2,161 put options.

Wall Street Analysts Forecast Growth

ALGM has been the topic of several recent analyst reports. TD Cowen lifted their price target on Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Needham & Company LLC reiterated a “buy” rating and issued a $33.00 target price on shares of Allegro MicroSystems in a research report on Friday, August 2nd. Finally, UBS Group began coverage on shares of Allegro MicroSystems in a report on Tuesday, September 3rd. They issued a “buy” rating and a $33.00 target price for the company. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $34.44.

Allegro MicroSystems Trading Up 0.9 %

Shares of ALGM stock traded up $0.20 during mid-day trading on Wednesday, reaching $23.16. 589,873 shares of the stock traded hands, compared to its average volume of 1,834,190. The company has a quick ratio of 2.98, a current ratio of 4.65 and a debt-to-equity ratio of 0.18. Allegro MicroSystems has a 1-year low of $20.42 and a 1-year high of $33.45. The stock’s fifty day simple moving average is $24.85 and its two-hundred day simple moving average is $27.31. The company has a market cap of $4.49 billion, a price-to-earnings ratio of 29.82 and a beta of 1.68.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. The firm had revenue of $166.90 million during the quarter, compared to analyst estimates of $165.04 million. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The company’s revenue was down 40.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.34 EPS. On average, research analysts anticipate that Allegro MicroSystems will post 0.16 EPS for the current fiscal year.

Insider Activity at Allegro MicroSystems

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the transaction, the insider now owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Allegro MicroSystems

Institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its stake in Allegro MicroSystems by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 651,792 shares of the company’s stock valued at $19,730,000 after purchasing an additional 16,528 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Allegro MicroSystems by 32.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 802,417 shares of the company’s stock worth $24,291,000 after buying an additional 196,315 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in Allegro MicroSystems by 57.1% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 11,584 shares of the company’s stock worth $351,000 after acquiring an additional 4,210 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Allegro MicroSystems by 25.1% in the fourth quarter. Quadrant Capital Group LLC now owns 2,115 shares of the company’s stock valued at $64,000 after acquiring an additional 425 shares during the period. Finally, Panagora Asset Management Inc. bought a new stake in shares of Allegro MicroSystems during the fourth quarter valued at approximately $478,000. Institutional investors 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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.