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

Allegro MicroSystems, Inc. (NASDAQ:ALGM - Get Free Report) was the recipient of unusually large options trading on Monday. Traders acquired 50,600 put options on the stock. This represents an increase of approximately 1,836% compared to the typical volume of 2,614 put options.

Analyst Upgrades and Downgrades

ALGM has been the topic of several recent research reports. Wells Fargo & Company increased their price objective on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a research note on Monday, January 13th. Mizuho upped their price objective on Allegro MicroSystems from $28.00 to $31.00 and gave the stock an "outperform" rating in a research note on Monday, March 24th. Morgan Stanley boosted their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. Barclays upped their price target on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Finally, Needham & Company LLC reissued a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a report on Monday, February 24th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $30.67.

Allegro MicroSystems Trading Down 4.6 %

Shares of ALGM stock traded down $0.87 during trading hours on Friday, reaching $18.06. 4,398,058 shares of the stock were exchanged, compared to its average volume of 2,426,781. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems has a 12-month low of $17.78 and a 12-month high of $33.26. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of -51.60 and a beta of 1.53. The company's 50-day moving average price is $24.43 and its 200-day moving average price is $22.91.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ALGM. Fifth Third Bancorp lifted its stake in shares of Allegro MicroSystems by 63.7% during the 1st quarter. Fifth Third Bancorp now owns 1,295 shares of the company's stock worth $33,000 after acquiring an additional 504 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Allegro MicroSystems by 68.6% during the first quarter. UMB Bank n.a. now owns 1,420 shares of the company's stock valued at $36,000 after purchasing an additional 578 shares during the period. TD Waterhouse Canada Inc. purchased a new position in Allegro MicroSystems in the 4th quarter worth about $40,000. Venturi Wealth Management LLC purchased a new stake in Allegro MicroSystems in the 4th quarter valued at about $47,000. Finally, Quarry LP purchased a new stake in shares of Allegro MicroSystems in the fourth quarter valued at approximately $79,000. Institutional investors own 56.45% of the company's stock.

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.