Principal Financial Group Inc. Purchases 11,230 Shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Principal Financial Group Inc. grew its position in Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 0.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,190,817 shares of the company’s stock after purchasing an additional 11,230 shares during the period. Principal Financial Group Inc. owned approximately 1.13% of Allegro MicroSystems worth $61,869,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Allegro MicroSystems by 62.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,736 shares of the company’s stock valued at $557,000 after acquiring an additional 7,622 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Allegro MicroSystems by 18.7% in the second quarter. Bank of New York Mellon Corp now owns 805,081 shares of the company’s stock worth $22,735,000 after purchasing an additional 127,094 shares in the last quarter. Raymond James & Associates boosted its holdings in Allegro MicroSystems by 5.5% during the second quarter. Raymond James & Associates now owns 84,554 shares of the company’s stock worth $2,388,000 after purchasing an additional 4,380 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Allegro MicroSystems by 6.0% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 36,447 shares of the company’s stock valued at $1,029,000 after purchasing an additional 2,053 shares in the last quarter. Finally, Robbins Farley increased its stake in Allegro MicroSystems by 4.3% in the 2nd quarter. Robbins Farley now owns 108,851 shares of the company’s stock valued at $3,074,000 after buying an additional 4,467 shares during the last quarter. 56.45% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Allegro MicroSystems news, major shareholder Electric Co. Ltd. Sanken sold 10,017,315 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $23.16, for a total transaction of $232,001,015.40. Following the transaction, the insider now owns 59,732,782 shares in the company, valued at approximately $1,383,411,231.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

ALGM has been the subject of several analyst reports. Jefferies Financial Group initiated coverage on Allegro MicroSystems in a report on Monday, May 13th. They issued a “buy” rating and a $37.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $33.00 price target on shares of Allegro MicroSystems in a research note on Friday, August 2nd. Mizuho dropped their price objective on Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. TD Cowen raised their target price on shares of Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, June 13th. Finally, Barclays dropped their price target on shares of Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating on the stock in a research report on Friday, May 10th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Allegro MicroSystems has a consensus rating of “Moderate Buy” and a consensus price target of $34.63.

Allegro MicroSystems Stock Performance

Allegro MicroSystems stock traded up $0.11 during mid-day trading on Friday, hitting $24.53. 1,432,324 shares of the company’s stock traded hands, compared to its average volume of 1,812,511. Allegro MicroSystems, Inc. has a fifty-two week low of $20.42 and a fifty-two week high of $38.81. The stock has a market cap of $4.75 billion, a price-to-earnings ratio of 31.31 and a beta of 1.68. The firm has a 50 day simple moving average of $26.57 and a two-hundred day simple moving average of $28.14. The company has a debt-to-equity ratio of 0.18, a current ratio of 4.65 and a quick ratio of 3.48.

Allegro MicroSystems (NASDAQ:ALGM) last announced its earnings results on Thursday, August 1st. The company reported $0.03 EPS for the quarter, topping the consensus estimate of $0.02 by $0.01. Allegro MicroSystems had a net margin of 7.91% and a return on equity of 13.88%. The business had revenue of $166.90 million during the quarter, compared to the consensus estimate of $165.04 million. During the same quarter in the previous year, the firm posted $0.34 EPS. Allegro MicroSystems’s revenue was down 40.0% compared to the same quarter last year. On average, research analysts expect that Allegro MicroSystems, Inc. will post 0.23 EPS for the current fiscal year.

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; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.