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

Principal Financial Group Inc. lifted its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 14.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,499,760 shares of the company’s stock after acquiring an additional 308,943 shares during the period. Principal Financial Group Inc. owned approximately 1.36% of Allegro MicroSystems worth $58,244,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. KBC Group NV lifted its stake in Allegro MicroSystems by 40.9% during the 3rd quarter. KBC Group NV now owns 3,590 shares of the company’s stock valued at $84,000 after acquiring an additional 1,042 shares during the period. Van ECK Associates Corp purchased a new position in shares of Allegro MicroSystems during the third quarter valued at approximately $172,000. Oppenheimer Asset Management Inc. bought a new position in Allegro MicroSystems during the second quarter valued at approximately $211,000. Intech Investment Management LLC purchased a new stake in Allegro MicroSystems in the third quarter worth approximately $214,000. Finally, nVerses Capital LLC bought a new stake in Allegro MicroSystems in the 3rd quarter worth approximately $231,000. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Allegro MicroSystems

In related news, SVP Michael Doogue acquired 15,000 shares of the business’s stock in a transaction on Monday, November 18th. The stock was acquired at an average cost of $19.00 per share, with a total value of $285,000.00. Following the acquisition, the senior vice president now directly owns 246,086 shares in the company, valued at $4,675,634. This represents a 6.49 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.50% of the stock is owned by corporate insiders.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM opened at $21.59 on Monday. The stock has a market cap of $3.97 billion, a PE ratio of -154.20 and a beta of 1.67. Allegro MicroSystems, Inc. has a 1 year low of $18.59 and a 1 year high of $33.26. The firm has a fifty day moving average price of $21.23 and a 200-day moving average price of $23.99. The company has a debt-to-equity ratio of 0.42, a current ratio of 4.22 and a quick ratio of 2.80.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ALGM shares. Needham & Company LLC dropped their price target on Allegro MicroSystems from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Loop Capital initiated coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 target price on the stock. UBS Group assumed coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They set a “buy” rating and a $33.00 price target for the company. Morgan Stanley initiated coverage on shares of Allegro MicroSystems in a report on Thursday, November 7th. They issued an “equal weight” rating and a $21.00 price objective on the stock. Finally, Wells Fargo & Company began coverage on shares of Allegro MicroSystems in a report on Friday, November 22nd. They set an “overweight” rating and a $23.00 target price for the company. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $30.09.

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.