Assenagon Asset Management S.A. Decreases Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Assenagon Asset Management S.A. lowered its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 49.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,413 shares of the semiconductor company’s stock after selling 32,203 shares during the quarter. Assenagon Asset Management S.A. owned 0.06% of Cirrus Logic worth $3,230,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRUS. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Cirrus Logic during the fourth quarter worth about $28,000. Headlands Technologies LLC purchased a new stake in Cirrus Logic during the 4th quarter worth approximately $39,000. UMB Bank n.a. increased its holdings in Cirrus Logic by 124.5% during the 1st quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company’s stock worth $52,000 after purchasing an additional 290 shares during the last quarter. Transce3nd LLC purchased a new stake in Cirrus Logic during the 4th quarter worth approximately $63,000. Finally, Menard Financial Group LLC purchased a new stake in Cirrus Logic during the 4th quarter worth approximately $67,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Trading Down 1.8%

NASDAQ:CRUS opened at $100.88 on Monday. The firm has a market capitalization of $5.17 billion, a PE ratio of 18.31 and a beta of 0.93. The stock has a 50 day moving average of $96.83 and a 200-day moving average of $100.37. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.15 by $0.52. The company had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The business’s revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.24 earnings per share. As a group, analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have issued reports on CRUS. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a report on Wednesday, May 7th. Barclays boosted their price objective on Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, May 7th. Wall Street Zen lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 5th. Finally, Benchmark reissued a “buy” rating and issued a $125.00 price objective on shares of Cirrus Logic in a report on Wednesday, March 19th. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cirrus Logic currently has a consensus rating of “Moderate Buy” and a consensus price target of $128.33.

Insider Activity

In other news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the executive vice president now directly owns 14,001 shares in the company, valued at approximately $1,400,100. The trade was a 41.66% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Alexander M. Davern sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total value of $105,620.00. Following the transaction, the director now owns 20,907 shares of the company’s stock, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,000 shares of company stock valued at $1,305,620. 1.16% of the stock is currently owned by insiders.

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 amplifiers; 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 integrated digital signal processing; 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 for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.