Principal Financial Group Inc. Raises Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Principal Financial Group Inc. lifted its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 14.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 2,499,760 shares of the company’s stock after acquiring an additional 308,943 shares during the quarter. Principal Financial Group Inc.’s holdings in Allegro MicroSystems were worth $58,244,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. FMR LLC grew its stake in shares of Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock worth $658,314,000 after buying an additional 8,534,089 shares in the last quarter. State Street Corp lifted its holdings in shares of Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after acquiring an additional 1,615,351 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Allegro MicroSystems in the 3rd quarter valued at about $71,289,000. Geode Capital Management LLC grew its position in Allegro MicroSystems by 86.5% in the third quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock worth $59,699,000 after acquiring an additional 1,187,792 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Allegro MicroSystems by 15.3% during the second quarter. The Manufacturers Life Insurance Company now owns 2,148,478 shares of the company’s stock valued at $60,673,000 after purchasing an additional 285,747 shares during the period. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Allegro MicroSystems Price Performance

Allegro MicroSystems stock opened at $21.59 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80. The stock has a market cap of $3.97 billion, a price-to-earnings ratio of -154.20 and a beta of 1.67. The firm has a 50-day moving average of $21.23 and a two-hundred day moving average of $23.99. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.02. The firm had revenue of $187.39 million during the quarter, compared to analyst estimates of $187.52 million. Allegro MicroSystems had a positive return on equity of 8.48% and a negative net margin of 2.96%. Allegro MicroSystems’s quarterly revenue was down 32.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 earnings per share.

Analysts Set New Price Targets

A number of brokerages have recently commented on ALGM. Mizuho set a $26.00 target price on Allegro MicroSystems in a report on Friday, October 18th. Morgan Stanley began coverage on shares of Allegro MicroSystems in a research report on Thursday, November 7th. They set an “equal weight” rating and a $21.00 price objective on the stock. Barclays lowered their target price on shares of Allegro MicroSystems from $32.00 to $25.00 and set an “overweight” rating for the company in a report on Friday, November 1st. Needham & Company LLC cut their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Finally, Loop Capital initiated coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.09.

Insider Transactions at Allegro MicroSystems

In other news, SVP Michael Doogue acquired 15,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average cost of $19.00 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the senior vice president now directly owns 246,086 shares of the company’s stock, valued at $4,675,634. The trade was a 6.49 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.50% of the company’s stock.

Allegro MicroSystems 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.