Principal Financial Group Inc. Acquires Shares of 1,058,802 Allegro MicroSystems, Inc. (NASDAQ:ALGM)


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Principal Financial Group Inc. acquired a new stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,058,802 shares of the company’s stock, valued at approximately $28,228,000. Principal Financial Group Inc. owned approximately 0.56% of Allegro MicroSystems as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Allegro MicroSystems in the 4th quarter valued at $57,170,000. JPMorgan Chase & Co. acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth about $49,342,000. Clearbridge Investments LLC acquired a new stake in shares of Allegro MicroSystems during the 4th quarter worth about $30,482,000. Alliancebernstein L.P. acquired a new position in Allegro MicroSystems in the 4th quarter valued at about $28,628,000. Finally, Wells Fargo & Company MN acquired a new position in Allegro MicroSystems in the 4th quarter valued at about $27,589,000.

In related news, SVP Thomas C. Jr. Teebagy sold 101,756 shares of Allegro MicroSystems stock in a transaction on Tuesday, February 9th. The shares were sold at an average price of $29.16, for a total value of $2,967,204.96. Following the transaction, the senior vice president now directly owns 21,429 shares in the company, valued at approximately $624,869.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Christopher Brown sold 12,500 shares of Allegro MicroSystems stock in a transaction on Tuesday, February 9th. The shares were sold at an average price of $29.16, for a total transaction of $364,500.00. Following the completion of the transaction, the insider now owns 185,097 shares in the company, valued at $5,397,428.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,066,108 shares of company stock worth $60,247,709.

Shares of ALGM opened at $27.42 on Thursday. The business’s 50 day simple moving average is $26.82. Allegro MicroSystems, Inc. has a 12-month low of $16.78 and a 12-month high of $34.66.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Monday, February 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.01. The business had revenue of $164.40 million for the quarter, compared to analysts’ expectations of $149.09 million. The business’s revenue was up 2.9% on a year-over-year basis. During the same quarter last year, the business posted $0.07 earnings per share. As a group, research analysts predict that Allegro MicroSystems, Inc. will post 0.21 EPS for the current year.

ALGM has been the topic of several research reports. Wells Fargo & Company increased their price target on shares of Allegro MicroSystems from $30.00 to $36.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 3rd. Barclays increased their price target on shares of Allegro MicroSystems from $28.00 to $38.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 26th. They noted that the move was a valuation call. Credit Suisse Group increased their price target on shares of Allegro MicroSystems from $27.00 to $36.00 and gave the stock an “outperform” rating in a research report on Monday, February 8th. Needham & Company LLC increased their price target on shares of Allegro MicroSystems from $27.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, February 9th. Finally, Mizuho reissued a “buy” rating and set a $35.00 price target (up previously from $30.00) on shares of Allegro MicroSystems in a research report on Friday, February 5th. Eight equities research analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and an average price target of $33.50.

Allegro MicroSystems Profile

Allegro MicroSystems, Inc designs, develops, manufactures, and markets sensor ICs and application-specific analog power ICs for motion control and energy-efficient systems in automotive and industrial markets. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; Power ICs comprising motor driver ICs, and regulator and LED driver ICs, as well as photonic and 3D sensing components for LiDAR applications.

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Institutional Ownership by Quarter for Allegro MicroSystems (NASDAQ:ALGM)

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