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

Principal Financial Group Inc. lifted its holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 14.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,499,760 shares of the company's stock after buying an additional 308,943 shares during the period. Principal Financial Group Inc. owned about 1.29% of Allegro MicroSystems worth $58,244,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of Allegro MicroSystems by 52.2% during the second quarter. GAMMA Investing LLC now owns 1,759 shares of the company's stock worth $50,000 after purchasing an additional 603 shares in the last quarter. CWM LLC increased its holdings in shares of Allegro MicroSystems by 27.7% in the second quarter. CWM LLC now owns 4,241 shares of the company's stock valued at $120,000 after purchasing an additional 921 shares in the last quarter. Texas Permanent School Fund Corp increased its stake in Allegro MicroSystems by 1.7% during the 1st quarter. Texas Permanent School Fund Corp now owns 62,538 shares of the company's stock worth $1,686,000 after purchasing an additional 1,019 shares in the last quarter. Versant Capital Management Inc grew its holdings in Allegro MicroSystems by 1,957.1% during the second quarter. Versant Capital Management Inc now owns 1,152 shares of the company's stock worth $33,000 after purchasing an additional 1,096 shares during the period. Finally, ProShare Advisors LLC raised its stake in Allegro MicroSystems by 9.2% in the second quarter. ProShare Advisors LLC now owns 13,280 shares of the company's stock valued at $375,000 after purchasing an additional 1,123 shares in the last quarter. Hedge funds and other institutional investors own 56.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ALGM. Needham & Company LLC reduced their price target on shares of Allegro MicroSystems from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. Morgan Stanley started coverage on shares of Allegro MicroSystems in a research report on Thursday. They set an "equal weight" rating and a $21.00 price target on the stock. UBS Group began coverage on shares of Allegro MicroSystems in a research report on Tuesday, September 3rd. They issued a "buy" rating and a $33.00 price objective for the company. Mizuho set a $26.00 target price on shares of Allegro MicroSystems in a research report on Friday, October 18th. Finally, Barclays dropped their price objective on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating for the company in a research note on Friday, November 1st. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $30.89.

Allegro MicroSystems Trading Down 1.9 %

ALGM traded down $0.43 during trading hours on Friday, reaching $21.73. 1,431,919 shares of the company's stock traded hands, compared to its average volume of 1,845,208. The firm has a market capitalization of $4.00 billion, a PE ratio of -155.20 and a beta of 1.69. The firm has a 50-day moving average price of $21.94 and a 200 day moving average price of $25.74. Allegro MicroSystems, Inc. has a 52-week low of $19.71 and a 52-week high of $33.26. The company has a quick ratio of 2.80, a current ratio of 4.22 and a debt-to-equity ratio of 0.42.

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

About Allegro MicroSystems

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.