Allegro MicroSystems, Inc. (NASDAQ:ALGM) Shares Bought by Principal Financial Group Inc.

Principal Financial Group Inc. grew its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 14.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,499,760 shares of the company's stock after purchasing an additional 308,943 shares during the quarter. Principal Financial Group Inc. owned approximately 1.36% of Allegro MicroSystems worth $58,244,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Westfield Capital Management Co. LP grew its stake in Allegro MicroSystems by 54.6% in the third quarter. Westfield Capital Management Co. LP now owns 2,014,481 shares of the company's stock worth $46,937,000 after purchasing an additional 711,185 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock worth $59,699,000 after buying an additional 1,187,792 shares during the period. XTX Topco Ltd bought a new position in shares of Allegro MicroSystems during the 2nd quarter worth $856,000. Wellington Management Group LLP purchased a new position in shares of Allegro MicroSystems during the third quarter valued at $71,289,000. Finally, Pier Capital LLC bought a new stake in shares of Allegro MicroSystems in the third quarter valued at about $7,514,000. 56.45% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Michael Doogue acquired 15,000 shares of Allegro MicroSystems stock in a transaction dated 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 purchase, the senior vice president now directly owns 246,086 shares in the company, valued at $4,675,634. This trade represents a 6.49 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.50% of the company's stock.

Allegro MicroSystems Stock Up 3.6 %

ALGM stock traded up $0.77 on Monday, hitting $22.36. 1,375,068 shares of the company's stock were exchanged, compared to its average volume of 1,961,594. The firm has a 50 day moving average price of $21.23 and a two-hundred day moving average price of $23.95. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.80 and a current ratio of 4.22. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. The stock has a market cap of $4.11 billion, a P/E ratio of -159.70 and a beta of 1.67.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its quarterly earnings results on Thursday, October 31st. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.02. The business had revenue of $187.39 million for 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%. The company's revenue was down 32.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 earnings per share.

Analyst Ratings Changes

Several research analysts have issued reports on ALGM shares. Needham & Company LLC dropped their target price 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. UBS Group initiated coverage on shares of Allegro MicroSystems in a research note on Tuesday, September 3rd. They set a "buy" rating and a $33.00 price objective on the stock. Mizuho set a $26.00 price objective on shares of Allegro MicroSystems in a research note on Friday, October 18th. Loop Capital started coverage on Allegro MicroSystems in a report on Tuesday, November 12th. They set a "buy" rating and a $30.00 target price for the company. Finally, Barclays cut their price target on Allegro MicroSystems from $32.00 to $25.00 and set an "overweight" rating on the stock in a report on Friday, November 1st. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Allegro MicroSystems has an average rating of "Moderate Buy" and a consensus price target of $30.09.

Allegro MicroSystems Company 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.