Principal Financial Group Inc. raised its stake in Allegro MicroSystems, Inc. (NASDAQ:ALGM – Free Report) by 2.8% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,790,466 shares of the company’s stock after buying an additional 48,170 shares during the quarter. Principal Financial Group Inc.’s holdings in Allegro MicroSystems were worth $56,453,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of the company. Lecap Asset Management Ltd. acquired a new position in Allegro MicroSystems during the 4th quarter valued at about $783,000. Norges Bank acquired a new position in shares of Allegro MicroSystems during the fourth quarter worth approximately $38,457,000. Lightrock Netherlands B.V. bought a new position in Allegro MicroSystems in the 4th quarter worth approximately $9,349,000. Hel Ved Capital Management Ltd acquired a new stake in Allegro MicroSystems in the 4th quarter valued at approximately $1,658,000. Finally, Altfest L J & Co. Inc. bought a new stake in Allegro MicroSystems during the 4th quarter valued at $430,000. Institutional investors own 56.45% of the company’s stock.
Insider Activity at Allegro MicroSystems
In other news, Director Susan D. Lynch sold 16,711 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $45.46, for a total transaction of $759,682.06. Following the completion of the sale, the director directly owned 12,805 shares of the company’s stock, valued at $582,115.30. This represents a 56.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Ian Kent sold 2,642 shares of the stock in a transaction on Monday, May 18th. The shares were sold at an average price of $41.56, for a total value of $109,801.52. Following the completion of the transaction, the senior vice president owned 25,392 shares of the company’s stock, valued at $1,055,291.52. This trade represents a 9.42% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 68,607 shares of company stock valued at $3,213,714 over the last ninety days. Company insiders own 0.50% of the company’s stock.
Allegro MicroSystems Trading Down 1.4%
Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.01. Allegro MicroSystems had a positive return on equity of 6.09% and a negative net margin of 1.67%.The company had revenue of $243.19 million for the quarter, compared to analysts’ expectations of $235.94 million. During the same quarter in the prior year, the company earned $0.06 earnings per share. The firm’s revenue was up 26.1% on a year-over-year basis. Allegro MicroSystems has set its Q1 2027 guidance at 0.190-0.230 EPS. On average, research analysts anticipate that Allegro MicroSystems, Inc. will post 0.77 EPS for the current fiscal year.
Analysts Set New Price Targets
Several research analysts have recently issued reports on the company. Wall Street Zen raised Allegro MicroSystems from a “hold” rating to a “buy” rating in a research note on Sunday, June 21st. Jefferies Financial Group restated a “buy” rating and issued a $62.00 target price on shares of Allegro MicroSystems in a research report on Thursday, May 7th. Needham & Company LLC increased their price target on Allegro MicroSystems from $45.00 to $55.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. UBS Group lifted their price target on Allegro MicroSystems from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, TD Cowen cut their price objective on Allegro MicroSystems from $70.00 to $66.00 and set a “buy” rating for the company in a report on Monday. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Allegro MicroSystems has an average rating of “Moderate Buy” and an average target price of $55.20.
Read Our Latest Analysis on Allegro MicroSystems
About Allegro MicroSystems
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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