First Trust Advisors LP Lowers Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

First Trust Advisors LP lessened its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS – Get Rating) by 4.1% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 287,334 shares of the semiconductor company’s stock after selling 12,141 shares during the period. First Trust Advisors LP owned 0.52% of Cirrus Logic worth $21,400,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wellington Management Group LLP raised its position in Cirrus Logic by 183.8% during the first quarter. Wellington Management Group LLP now owns 1,972,087 shares of the semiconductor company’s stock valued at $167,214,000 after purchasing an additional 1,277,213 shares in the last quarter. Balyasny Asset Management LLC purchased a new stake in Cirrus Logic during the third quarter valued at about $46,728,000. Point72 Asset Management L.P. raised its position in Cirrus Logic by 435.5% during the third quarter. Point72 Asset Management L.P. now owns 549,400 shares of the semiconductor company’s stock valued at $37,799,000 after purchasing an additional 446,800 shares in the last quarter. LSV Asset Management raised its position in Cirrus Logic by 51.5% during the fourth quarter. LSV Asset Management now owns 966,019 shares of the semiconductor company’s stock valued at $71,949,000 after purchasing an additional 328,500 shares in the last quarter. Finally, Ophir Asset Management Pty Ltd bought a new position in shares of Cirrus Logic during the third quarter valued at about $20,645,000. Hedge funds and other institutional investors own 91.78% of the company’s stock.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $78.11 on Friday. The stock’s 50 day simple moving average is $92.77 and its two-hundred day simple moving average is $87.87. The stock has a market cap of $4.32 billion, a price-to-earnings ratio of 25.44, a PEG ratio of 12.02 and a beta of 0.96. Cirrus Logic, Inc. has a fifty-two week low of $61.94 and a fifty-two week high of $111.15.

Wall Street Analysts Forecast Growth

CRUS has been the topic of a number of recent research reports. Susquehanna reduced their price objective on Cirrus Logic from $105.00 to $95.00 in a research note on Friday, May 5th. Barclays reduced their price objective on Cirrus Logic from $105.00 to $90.00 in a research note on Friday, May 5th. KeyCorp reduced their price objective on Cirrus Logic from $120.00 to $110.00 and set an “overweight” rating on the stock in a research note on Monday, April 24th. TD Cowen reduced their price objective on Cirrus Logic from $110.00 to $100.00 and set an “outperform” rating on the stock in a research note on Friday, May 5th. Finally, TheStreet cut Cirrus Logic from a “b+” rating to a “c+” rating in a research note on Thursday, May 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.92.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, SVP Scott Thomas sold 10,261 shares of Cirrus Logic stock in a transaction that occurred on Thursday, March 30th. The stock was sold at an average price of $109.65, for a total transaction of $1,125,118.65. Following the sale, the senior vice president now directly owns 20,554 shares of the company’s stock, valued at approximately $2,253,746.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.89% of the company’s stock.

Cirrus Logic Profile

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Cirrus Logic, Inc engages in the development of high-precision, analog and mixed-signal integrated circuits for a range of customers. It builds an analog and signal-processing patent portfolio. The firm delivers optimized products for a variety of audio, industrial and energy-related applications. Its product lines include portable audio products and non-portable audio and other products.