Allegro MicroSystems, Inc. $ALGM Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 11.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,914,074 shares of the company’s stock after selling 243,263 shares during the period. Principal Financial Group Inc.’s holdings in Allegro MicroSystems were worth $55,891,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Invesco Ltd. lifted its stake in Allegro MicroSystems by 29.3% during the second quarter. Invesco Ltd. now owns 6,254,575 shares of the company’s stock worth $213,844,000 after purchasing an additional 1,418,934 shares during the last quarter. State Street Corp raised its holdings in Allegro MicroSystems by 2.1% during the second quarter. State Street Corp now owns 5,193,001 shares of the company’s stock worth $177,549,000 after purchasing an additional 108,402 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Allegro MicroSystems by 189.4% during the second quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company’s stock worth $94,360,000 after purchasing an additional 1,806,183 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Allegro MicroSystems by 0.7% during the 2nd quarter. Geode Capital Management LLC now owns 2,405,986 shares of the company’s stock worth $82,274,000 after buying an additional 17,902 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in shares of Allegro MicroSystems by 3.3% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 2,177,560 shares of the company’s stock valued at $74,451,000 after buying an additional 69,137 shares in the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Allegro MicroSystems Trading Down 1.8%

Shares of Allegro MicroSystems stock opened at $38.20 on Thursday. The company has a 50-day moving average of $30.04 and a two-hundred day moving average of $29.83. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $40.88. The company has a current ratio of 3.65, a quick ratio of 2.39 and a debt-to-equity ratio of 0.30. The stock has a market cap of $7.08 billion, a PE ratio of -477.50 and a beta of 1.63.

Allegro MicroSystems (NASDAQ:ALGM) last released its quarterly earnings results on Thursday, January 29th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.01. Allegro MicroSystems had a positive return on equity of 4.35% and a negative net margin of 1.57%.The business had revenue of $229.21 million for the quarter, compared to analysts’ expectations of $220.78 million. During the same quarter in the prior year, the firm posted $0.07 EPS. The company’s revenue was up 28.9% compared to the same quarter last year. On average, research analysts anticipate that Allegro MicroSystems, Inc. will post 0.01 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on ALGM shares. UBS Group lifted their price target on shares of Allegro MicroSystems from $40.00 to $44.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. Bank of America lifted their target price on Allegro MicroSystems from $36.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, January 21st. TD Cowen upped their target price on Allegro MicroSystems from $38.00 to $45.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Evercore ISI increased their price objective on Allegro MicroSystems from $37.00 to $49.00 and gave the company an “outperform” rating in a report on Friday, October 31st. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Allegro MicroSystems in a research report on Monday, December 29th. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Allegro MicroSystems has an average rating of “Moderate Buy” and a consensus target price of $43.50.

Allegro MicroSystems Company Profile

Allegro MicroSystems, Inc (NASDAQ: ALGM) is a leading designer and manufacturer of high-performance power and sensing integrated circuits. The company focuses on semiconductor solutions that enable precise motion control, energy-efficient power management and robust sensing in a wide range of applications. Allegro’s product portfolio includes Hall-effect magnetic sensors, current and position sensing ICs, motor driver and controller devices, and power management components.

Allegro MicroSystems serves major automotive, industrial and consumer markets worldwide.