Principal Financial Group Inc. Grows Stock Holdings in Allegro MicroSystems, Inc. $ALGM

Key Points

• Principal Financial Group increased its stake in Allegro MicroSystems by 2.8% in the first quarter, ending with 1.79 million shares valued at about $56.45 million.
• Institutional ownership remains strong, with hedge funds and other investors holding 56.45% of Allegro MicroSystems’ stock. Several firms, including Invesco, State Street, and Adage Capital, also added to their positions.
• Analyst sentiment is mostly positive: the stock has an average rating of “Moderate Buy” and an average target price of $55.20, though a few firms lowered or maintained bearish views.

Principal Financial Group Inc. lifted its holdings in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 2.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,790,466 shares of the company's stock after purchasing an additional 48,170 shares during the quarter. Principal Financial Group Inc. owned about 0.97% of Allegro MicroSystems worth $56,453,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Invesco Ltd. lifted its position in Allegro MicroSystems by 44.0% during the fourth quarter. Invesco Ltd. now owns 7,651,051 shares of the company's stock worth $201,835,000 after buying an additional 2,338,624 shares during the period. State Street Corp increased its stake in shares of Allegro MicroSystems by 1.5% during the 4th quarter. State Street Corp now owns 5,359,488 shares of the company's stock valued at $141,383,000 after acquiring an additional 78,203 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in shares of Allegro MicroSystems by 77.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,803,944 shares of the company's stock valued at $73,968,000 after acquiring an additional 1,227,317 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Allegro MicroSystems by 189.4% during the 2nd quarter. Alliancebernstein L.P. now owns 2,759,872 shares of the company's stock worth $94,360,000 after acquiring an additional 1,806,183 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Allegro MicroSystems by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 2,393,968 shares of the company's stock worth $63,165,000 after acquiring an additional 24,839 shares during the last quarter. Hedge funds and other institutional investors own 56.45% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Allegro MicroSystems in a research report on Wednesday, May 6th. Needham & Company LLC upped their price objective on Allegro MicroSystems from $45.00 to $55.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. TD Cowen cut their price objective on Allegro MicroSystems from $70.00 to $66.00 and set a "buy" rating on the stock in a report on Monday. Mizuho raised their target price on shares of Allegro MicroSystems from $54.00 to $67.00 and gave the company an "outperform" rating in a research note on Monday, June 29th. Finally, Wall Street Zen upgraded Allegro MicroSystems from a "hold" rating to a "buy" rating in a report on Sunday, June 21st. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $55.20.

Insider Activity

In other Allegro MicroSystems news, CAO Roald Graham Webster sold 5,217 shares of the business's stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $44.88, for a total transaction of $234,138.96. Following the completion of the sale, the chief accounting officer owned 13,106 shares in the company, valued at $588,197.28. The trade was a 28.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Richard Madormo sold 5,000 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $52.72, for a total transaction of $263,600.00. Following the completion of the transaction, the senior vice president owned 69,687 shares in the company, valued at approximately $3,673,898.64. The trade was a 6.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 68,607 shares of company stock valued at $3,213,714 over the last quarter. 0.50% of the stock is owned by company insiders.

Allegro MicroSystems Trading Down 1.4%

NASDAQ:ALGM opened at $46.48 on Friday. The company has a quick ratio of 2.21, a current ratio of 3.45 and a debt-to-equity ratio of 0.30. The business's 50 day moving average is $51.58 and its two-hundred day moving average is $41.38. Allegro MicroSystems, Inc. has a 52 week low of $22.41 and a 52 week high of $71.77. The company has a market cap of $8.66 billion, a PE ratio of -516.39 and a beta of 1.90.

Allegro MicroSystems (NASDAQ:ALGM - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.16 by $0.01. The company had revenue of $243.19 million during the quarter, compared to analyst estimates of $235.94 million. Allegro MicroSystems had a positive return on equity of 6.09% and a negative net margin of 1.67%.The business's revenue was up 26.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.06 EPS. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. On average, analysts predict that Allegro MicroSystems, Inc. will post 0.77 EPS for the current year.

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.

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