Envestnet Asset Management Inc. trimmed its position in Cirrus Logic, Inc. (NASDAQ:CRUS – Free Report) by 92.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 61,956 shares of the semiconductor company’s stock after selling 778,651 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.11% of Cirrus Logic worth $5,019,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also made changes to their positions in the company. Kendall Capital Management increased its holdings in shares of Cirrus Logic by 1.7% in the 2nd quarter. Kendall Capital Management now owns 7,615 shares of the semiconductor company’s stock valued at $617,000 after acquiring an additional 125 shares during the last quarter. Treasurer of the State of North Carolina increased its holdings in shares of Cirrus Logic by 0.6% in the 1st quarter. Treasurer of the State of North Carolina now owns 26,120 shares of the semiconductor company’s stock valued at $2,857,000 after acquiring an additional 147 shares during the last quarter. US Bancorp DE increased its holdings in shares of Cirrus Logic by 12.3% in the 1st quarter. US Bancorp DE now owns 1,711 shares of the semiconductor company’s stock valued at $145,000 after acquiring an additional 188 shares during the last quarter. Covington Capital Management boosted its position in Cirrus Logic by 100.0% during the 3rd quarter. Covington Capital Management now owns 400 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 200 shares during the period. Finally, Cardinal Capital Management boosted its position in Cirrus Logic by 1.4% during the 2nd quarter. Cardinal Capital Management now owns 15,989 shares of the semiconductor company’s stock valued at $1,295,000 after purchasing an additional 215 shares during the period. 90.18% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
CRUS has been the subject of a number of analyst reports. Susquehanna reduced their price objective on Cirrus Logic from $95.00 to $80.00 and set a “positive” rating for the company in a research report on Tuesday, October 24th. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Monday, November 13th. KeyCorp reduced their price objective on Cirrus Logic from $110.00 to $100.00 and set an “overweight” rating for the company in a research report on Friday, November 3rd. Bank of America boosted their price objective on Cirrus Logic from $75.00 to $80.00 in a research report on Friday, August 4th. Finally, Loop Capital upgraded Cirrus Logic from a “hold” rating to a “buy” rating and boosted their price target for the stock from $83.00 to $100.00 in a research report on Wednesday, November 1st. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cirrus Logic presently has a consensus rating of “Buy” and a consensus target price of $98.50.
Cirrus Logic Stock Performance
CRUS opened at $75.62 on Monday. Cirrus Logic, Inc. has a one year low of $65.02 and a one year high of $111.15. The stock’s fifty day moving average is $71.36 and its 200-day moving average is $76.26. The company has a market capitalization of $4.08 billion, a PE ratio of 30.49, a P/E/G ratio of 11.89 and a beta of 0.98.
Insider Transactions at Cirrus Logic
In other news, VP Andrew Brannan sold 950 shares of the business’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $80.00, for a total value of $76,000.00. Following the sale, the vice president now owns 6,555 shares of the company’s stock, valued at approximately $524,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.89% of the company’s stock.
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops low-power, high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processing; boosted amplifiers; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation.
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