Allegro MicroSystems, Inc. (NASDAQ:ALGM) Stock Holdings Raised by Principal Financial Group Inc.

Principal Financial Group Inc. raised its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 6.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,416,102 shares of the company's stock after purchasing 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 quarter.

A number of other hedge funds also recently made changes to their positions in ALGM. Keybank National Association OH boosted its holdings in shares of Allegro MicroSystems by 14.9% in the 4th quarter. Keybank National Association OH now owns 11,760 shares of the company's stock valued at $257,000 after purchasing an additional 1,522 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Allegro MicroSystems by 25.7% in the 4th quarter. Victory Capital Management Inc. now owns 39,536 shares of the company's stock valued at $864,000 after purchasing an additional 8,075 shares during the last quarter. M&T Bank Corp boosted its holdings in shares of Allegro MicroSystems by 8.3% in the 4th quarter. M&T Bank Corp now owns 35,503 shares of the company's stock valued at $776,000 after purchasing an additional 2,729 shares during the last quarter. Arizona State Retirement System boosted its holdings in shares of Allegro MicroSystems by 7.6% in the 4th quarter. Arizona State Retirement System now owns 37,293 shares of the company's stock valued at $815,000 after purchasing an additional 2,645 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Allegro MicroSystems in the 4th quarter valued at $15,145,000. Institutional investors and hedge funds own 56.45% of the company's stock.

Wall Street Analyst Weigh In

ALGM has been the topic of several recent research reports. UBS Group lifted their target price on shares of Allegro MicroSystems from $25.00 to $35.00 and gave the company a "buy" rating in a report on Monday, June 16th. Needham & Company LLC reduced their target price on shares of Allegro MicroSystems from $30.00 to $25.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Bank of America initiated coverage on shares of Allegro MicroSystems in a report on Monday, June 16th. They set a "buy" rating and a $38.00 target price on the stock. Wells Fargo & Company restated an "overweight" rating and set a $33.00 target price (up previously from $26.00) on shares of Allegro MicroSystems in a report on Monday, June 16th. Finally, Morgan Stanley lifted their target price on shares of Allegro MicroSystems from $23.00 to $25.00 and gave the company an "equal weight" rating in a report on Monday, June 9th. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $30.00.

Allegro MicroSystems Stock Up 0.7%

Allegro MicroSystems stock traded up $0.26 during midday trading on Friday, hitting $35.98. 683,700 shares of the stock were exchanged, compared to its average volume of 2,659,859. Allegro MicroSystems, Inc. has a 1 year low of $16.38 and a 1 year high of $36.08. The firm has a market cap of $6.65 billion, a P/E ratio of -92.24 and a beta of 1.75. 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 company has a 50 day moving average price of $27.43 and a two-hundred day moving average price of $24.96.

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, topping the consensus estimate of $0.05 by $0.01. Allegro MicroSystems had a negative net margin of 10.07% and a positive return on equity of 1.04%. The firm had revenue of $192.82 million for the quarter, compared to the consensus estimate of $185.35 million. During the same quarter in the previous year, the firm posted $0.25 EPS. The firm's quarterly revenue was down 19.9% on a year-over-year basis. On average, sell-side analysts predict that Allegro MicroSystems, Inc. will post 0.01 earnings per share for the current fiscal year.

Allegro MicroSystems 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.