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

Principal Financial Group Inc. increased its stake in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 6.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,416,102 shares of the company's stock after buying an additional 144,824 shares during the quarter. Principal Financial Group Inc. owned about 1.31% of Allegro MicroSystems worth $60,717,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Capital Research Global Investors boosted its stake in shares of Allegro MicroSystems by 6.5% in the 4th quarter. Capital Research Global Investors now owns 5,768,208 shares of the company's stock worth $126,093,000 after buying an additional 353,776 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Allegro MicroSystems by 30.5% in the fourth quarter. Wellington Management Group LLP now owns 3,993,682 shares of the company's stock worth $87,302,000 after acquiring an additional 934,048 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in Allegro MicroSystems by 50.1% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,733,560 shares of the company's stock worth $59,756,000 after acquiring an additional 911,993 shares during the last quarter. Paloma Partners Management Co raised its stake in Allegro MicroSystems by 312.8% during the 4th quarter. Paloma Partners Management Co now owns 2,103,800 shares of the company's stock valued at $45,989,000 after buying an additional 1,594,170 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in Allegro MicroSystems by 31.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,065,879 shares of the company's stock worth $45,161,000 after buying an additional 491,173 shares during the period. Institutional investors and hedge funds own 56.45% of the company's stock.

Allegro MicroSystems Stock Performance

Shares of NASDAQ ALGM traded up $0.33 during midday trading on Wednesday, reaching $36.68. The company's stock had a trading volume of 2,299,490 shares, compared to its average volume of 2,658,267. The company has a debt-to-equity ratio of 0.37, a current ratio of 4.30 and a quick ratio of 2.66. The stock has a market capitalization of $6.78 billion, a P/E ratio of -94.05 and a beta of 1.75. Allegro MicroSystems, Inc. has a 12-month low of $16.38 and a 12-month high of $36.97. The firm has a 50 day moving average price of $28.11 and a 200-day moving average price of $25.16.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.01. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $185.35 million. Allegro MicroSystems had a positive return on equity of 1.04% and a negative net margin of 10.07%. Allegro MicroSystems's revenue for the quarter was down 19.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.25 earnings per share. As a group, equities analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Barclays increased their price objective on shares of Allegro MicroSystems from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $33.00 price objective (up previously from $26.00) on shares of Allegro MicroSystems in a research report on Monday, June 16th. UBS Group lifted their price target on shares of Allegro MicroSystems from $35.00 to $42.00 and gave the stock a "buy" rating in a research note on Monday. Mizuho upped their price objective on Allegro MicroSystems from $31.00 to $37.00 and gave the stock an "outperform" rating in a report on Tuesday. Finally, Needham & Company LLC decreased their price objective on Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $31.63.

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.