Principal Financial Group Inc. Reduces Stock Position in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Principal Financial Group Inc. lessened its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM) by 9.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,271,278 shares of the company’s stock after selling 228,482 shares during the quarter. Principal Financial Group Inc. owned 1.23% of Allegro MicroSystems worth $49,651,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in ALGM. FMR LLC lifted its holdings in shares of Allegro MicroSystems by 43.3% in the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company’s stock valued at $658,314,000 after buying an additional 8,534,089 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Allegro MicroSystems by 20.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company’s stock valued at $256,851,000 after buying an additional 1,884,578 shares during the period. State Street Corp lifted its holdings in shares of Allegro MicroSystems by 41.7% in the 3rd quarter. State Street Corp now owns 5,486,289 shares of the company’s stock valued at $127,831,000 after buying an additional 1,615,351 shares during the period. Wellington Management Group LLP acquired a new position in shares of Allegro MicroSystems in the 3rd quarter valued at about $71,289,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Allegro MicroSystems by 86.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company’s stock valued at $59,699,000 after buying an additional 1,187,792 shares during the period. Hedge funds and other institutional investors own 56.45% of the company’s stock.

Allegro MicroSystems Stock Down 0.3 %

Shares of NASDAQ ALGM opened at $27.61 on Friday. The stock has a market cap of $5.08 billion, a P/E ratio of -78.89 and a beta of 1.66. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. Allegro MicroSystems, Inc. has a 12-month low of $18.59 and a 12-month high of $33.26. The business’s fifty day simple moving average is $23.65 and its 200-day simple moving average is $22.63.

Analysts Set New Price Targets

ALGM has been the subject of several analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $30.00 price objective on shares of Allegro MicroSystems in a report on Friday, January 31st. Wells Fargo & Company boosted their price objective on Allegro MicroSystems from $23.00 to $27.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Loop Capital initiated coverage on Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a “buy” rating and a $30.00 price target for the company. Morgan Stanley upped their price target on Allegro MicroSystems from $21.00 to $23.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. Finally, Barclays increased their price objective on Allegro MicroSystems from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $30.70.

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.