Arizona State Retirement System Trims Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Arizona State Retirement System trimmed its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 1.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,294 shares of the semiconductor company’s stock after selling 283 shares during the period. Arizona State Retirement System’s holdings in Cirrus Logic were worth $1,272,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRUS. Covington Capital Management lifted its holdings in Cirrus Logic by 100.0% in 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 in the last quarter. Venturi Wealth Management LLC increased its stake in shares of Cirrus Logic by 93.7% during the 4th quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 178 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Cirrus Logic by 71.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 722 shares of the semiconductor company’s stock valued at $53,000 after acquiring an additional 300 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Cirrus Logic during the 3rd quarter valued at about $62,000. Finally, Covestor Ltd increased its stake in shares of Cirrus Logic by 66.9% during the 1st quarter. Covestor Ltd now owns 1,078 shares of the semiconductor company’s stock valued at $91,000 after acquiring an additional 432 shares during the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Stifel Nicolaus upped their price objective on shares of Cirrus Logic from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. TD Cowen upped their price objective on shares of Cirrus Logic from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Barclays upped their price objective on shares of Cirrus Logic from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, January 16th. TheStreet raised shares of Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Tuesday, January 23rd. Finally, Susquehanna increased their target price on shares of Cirrus Logic from $85.00 to $100.00 and gave the stock a “positive” rating in a research report on Wednesday, February 7th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cirrus Logic presently has an average rating of “Buy” and an average target price of $96.43.

Cirrus Logic Stock Performance

CRUS opened at $88.56 on Monday. The firm has a 50 day moving average price of $90.67 and a 200 day moving average price of $81.34. The company has a market cap of $4.77 billion, a PE ratio of 28.11 and a beta of 1.00. Cirrus Logic, Inc. has a 1 year low of $65.02 and a 1 year high of $95.87.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Tuesday, February 6th. The semiconductor company reported $2.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.83. The firm had revenue of $618.98 million during the quarter, compared to the consensus estimate of $539.55 million. Cirrus Logic had a net margin of 9.84% and a return on equity of 16.13%. On average, sell-side analysts predict that Cirrus Logic, Inc. will post 4.79 earnings per share for the current year.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, CFO Venkatesh Nathamuni sold 1,000 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. Following the completion of the sale, the chief financial officer now owns 1,587 shares of the company’s stock, valued at $150,765. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cirrus Logic news, VP Andrew Brannan sold 3,250 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $94.00, for a total value of $305,500.00. Following the completion of the sale, the vice president now owns 6,055 shares of the company’s stock, valued at $569,170. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Venkatesh Nathamuni sold 1,000 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $95.00, for a total transaction of $95,000.00. Following the completion of the sale, the chief financial officer now directly owns 1,587 shares of the company’s stock, valued at approximately $150,765. The disclosure for this sale can be found here. Insiders sold 7,530 shares of company stock valued at $700,292 over the last 90 days. 0.89% of the stock is owned by corporate insiders.

Cirrus Logic Company Profile

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.