Principal Financial Group Inc. Has $49.65 Million Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Principal Financial Group Inc. trimmed its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 9.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,271,278 shares of the company's stock after selling 228,482 shares during the quarter. Principal Financial Group Inc. owned approximately 1.23% of Allegro MicroSystems worth $49,651,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in ALGM. FMR LLC grew its holdings in shares of Allegro MicroSystems by 43.3% during the third quarter. FMR LLC now owns 28,253,811 shares of the company's stock valued at $658,314,000 after purchasing an additional 8,534,089 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Allegro MicroSystems by 20.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock worth $256,851,000 after buying an additional 1,884,578 shares during the last quarter. State Street Corp grew its stake in Allegro MicroSystems by 41.7% during the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company's stock worth $127,831,000 after buying an additional 1,615,351 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of Allegro MicroSystems during the third quarter worth about $71,289,000. Finally, Geode Capital Management LLC grew its position in shares of Allegro MicroSystems by 86.5% during 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 during the last quarter. Institutional investors own 56.45% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on ALGM. Needham & Company LLC restated a "buy" rating and issued a $30.00 target price on shares of Allegro MicroSystems in a research report on Friday, January 31st. Wells Fargo & Company increased their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, January 13th. Loop Capital began coverage on Allegro MicroSystems in a research note on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price target for the company. Morgan Stanley increased their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a research report on Monday, February 3rd. Finally, Barclays increased their target price on shares of Allegro MicroSystems from $25.00 to $30.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $30.70.

Allegro MicroSystems Trading Down 3.6 %

Shares of ALGM traded down $1.00 during midday trading on Friday, hitting $26.61. The stock had a trading volume of 1,776,264 shares, compared to its average volume of 2,586,946. The business has a 50-day simple moving average of $23.65 and a two-hundred day simple moving average of $22.63. Allegro MicroSystems, Inc. has a fifty-two week low of $18.59 and a fifty-two week high of $33.26. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The firm has a market cap of $4.90 billion, a P/E ratio of -76.03 and a beta of 1.66.

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.