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

Allegro MicroSystems, Inc. (NASDAQ:ALGM) was the target of some unusual options trading on Thursday. Investors bought 11,026 call options on the stock. This represents an increase of 313% compared to the average volume of 2,667 call options.

Institutional Trading of Allegro MicroSystems

Several hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC lifted its holdings in shares of Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after purchasing an additional 8,534,089 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after purchasing an additional 1,884,578 shares during the last quarter. Capital Research Global Investors raised its stake in Allegro MicroSystems by 6.5% in the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company’s stock worth $126,093,000 after acquiring an additional 353,776 shares during the last quarter. State Street Corp raised its stake in Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock worth $127,831,000 after acquiring an additional 1,615,351 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in Allegro MicroSystems by 30.5% in the 4th quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company’s stock worth $87,302,000 after acquiring an additional 934,048 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Performance

Shares of ALGM opened at $26.57 on Friday. Allegro MicroSystems has a 12 month low of $18.59 and a 12 month high of $33.26. The stock has a fifty day moving average price of $24.98 and a 200-day moving average price of $22.90. 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 $4.89 billion, a PE ratio of -75.91 and a beta of 1.67.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ALGM shares. Wells Fargo & Company boosted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Barclays boosted their target price on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research report on Monday, February 24th. Finally, Morgan Stanley boosted their target price on Allegro MicroSystems from $21.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $30.70.

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.