Stock traders buy large volume of put options on Allegro MicroSystems (NASDAQ:ALGM)

Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Rating) saw unusual options trading activity on Wednesday. Traders bought 2,992 put options on the company. This represents an increase of approximately 796% over the typical volume of 334 puts.

Analysts set new price targets

Several research analysts have recently weighed in on ALGM shares. Needham & Company LLC raised its price target on Allegro MicroSystems stock from $25.00 to $27.00 and gave the stock a “buy” rating in a Friday, July 29 research report. Cowen assumed coverage for Allegro MicroSystems stock in a Wednesday, May 25, report. They issued an “outperform” rating and a price target of $30.00 for the company. Barclays lowered its price target on Allegro MicroSystems shares from $31.00 to $26.00 and set an “overweight” rating for the company in a Monday, July 25 report. Wells Fargo & Company cut its price target on Allegro MicroSystems stock from $35.00 to $30.00 and set an “overweight” rating for the company in a Monday, July 11 research note. Finally, Cowen began covering Allegro MicroSystems shares in a Wednesday, May 25 research note. They gave the company an “outperform” rating. Seven investment analysts rated the stock with a buy rating. Based on data from MarketBeat.com, Allegro MicroSystems has a consensus rating of “Buy” and an average price target of $32.50.

Allegro MicroSystems trades up 0.0%

Shares of ALGM rose $0.01 during trading hours on Wednesday, hitting $23.04. 6,459 shares of the company were traded, compared to its average volume of 564,804. The stock’s 50-day simple moving average is $23.58 and its 200-day simple moving average is 24.36 $. The stock has a market capitalization of $4.41 billion, a PE ratio of 44.29 and a beta of 1.77. Allegro MicroSystems has a 12 month minimum of $19.20 and a 12 month maximum of $38.28. The company has a quick ratio of 3.94, a current ratio of 4.73 and a leverage ratio of 0.03.

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Hot stock ready to move

This stock exhibits strong insider ownership.

Allegro MicroSystems (NASDAQ:ALGM – Get Rating) last released its quarterly results on Thursday, July 28. The company reported EPS of $0.09 for the quarter, missing analyst consensus estimates of $0.19 per ($0.10). The company posted revenue of $217.80 million in the quarter, compared to analyst estimates of $207.63 million. Allegro MicroSystems had a return on equity of 15.32% and a net margin of 13.44%. The company’s revenue for the quarter increased 17.7% compared to the same quarter last year. In the same quarter a year earlier, the company posted earnings of $0.16 per share. On average, sell-side analysts expect Allegro MicroSystems to post an EPS of 0.8 for the current year.

Institutional entries and exits

Several hedge funds and other institutional investors have recently increased or reduced their stake in ALGM. Point72 Hong Kong Ltd acquired a new stake in Allegro MicroSystems in the fourth quarter for a value of approximately $33,000. PNC Financial Services Group Inc. increased its position in Allegro MicroSystems shares by 201.6% in the first quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company valued at $33,000 after purchasing an additional 774 shares during the period. CWM LLC increased its position in Allegro MicroSystems shares by 3,469.2% in the second quarter. CWM LLC now owns 1,392 shares of the company valued at $29,000 after purchasing an additional 1,353 shares during the period. Quent Capital LLC purchased a new stake in Allegro MicroSystems stock in the fourth quarter worth approximately $62,000. Finally, Assetmark Inc. increased its position in Allegro MicroSystems shares by 145.3% in the second quarter. Assetmark Inc. now owns 1,874 shares of the company valued at $39,000 after purchasing an additional 1,110 shares during the period. 46.10% of the shares are currently held by hedge funds and other institutional investors.

Allegro MicroSystems Company Profile

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Allegro MicroSystems, Inc 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 including motor driver ICs and regulator and LED driver ICs; and photonic and 3D sensing components, including photodiodes, eye-safe lasers, and readout ICs for LiDAR applications.

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