Assenagon Asset Management S.A. Has $5.59 Million Holdings in Cirrus Logic, Inc. $CRUS

Assenagon Asset Management S.A. grew its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 29.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,613 shares of the semiconductor company’s stock after buying an additional 10,174 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.09% of Cirrus Logic worth $5,590,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the company. American Century Companies Inc. raised its position in Cirrus Logic by 7.1% during the first quarter. American Century Companies Inc. now owns 86,701 shares of the semiconductor company’s stock valued at $8,640,000 after acquiring an additional 5,732 shares in the last quarter. Raymond James Financial Inc. increased its stake in shares of Cirrus Logic by 149.7% during the 1st quarter. Raymond James Financial Inc. now owns 131,034 shares of the semiconductor company’s stock worth $13,058,000 after purchasing an additional 78,565 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Cirrus Logic by 2.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 408,552 shares of the semiconductor company’s stock valued at $40,715,000 after purchasing an additional 8,460 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Cirrus Logic by 98.0% during the 1st quarter. Ameriprise Financial Inc. now owns 1,117,526 shares of the semiconductor company’s stock valued at $111,380,000 after purchasing an additional 553,169 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of Cirrus Logic in the 1st quarter valued at $3,035,000. Institutional investors own 87.96% of the company’s stock.

Insider Activity

In other Cirrus Logic news, EVP Andrew Brannan sold 8,913 shares of the firm’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $119.06, for a total transaction of $1,061,181.78. Following the completion of the transaction, the executive vice president owned 5,950 shares in the company, valued at $708,407. This trade represents a 59.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Thomas sold 734 shares of Cirrus Logic stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $131.25, for a total value of $96,337.50. Following the sale, the executive vice president directly owned 26,307 shares in the company, valued at $3,452,793.75. The trade was a 2.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on CRUS shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Monday, December 15th. Barclays upped their price target on Cirrus Logic from $90.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Benchmark increased their price objective on Cirrus Logic from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Susquehanna boosted their target price on Cirrus Logic from $140.00 to $155.00 and gave the stock a “positive” rating in a report on Wednesday, October 22nd. Finally, KeyCorp upped their target price on Cirrus Logic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $141.67.

Cirrus Logic Trading Up 1.0%

Shares of CRUS stock opened at $121.14 on Monday. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $136.92. The company has a market capitalization of $6.18 billion, a P/E ratio of 17.21 and a beta of 1.08. The stock has a 50 day moving average of $123.13 and a two-hundred day moving average of $115.35.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, November 4th. The semiconductor company reported $2.83 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.51. Cirrus Logic had a return on equity of 19.59% and a net margin of 19.48%.The business had revenue of $560.96 million during the quarter, compared to analyst estimates of $540.45 million. During the same period in the prior year, the company posted $2.25 earnings per share. Cirrus Logic’s revenue was up 3.5% on a year-over-year basis. Sell-side analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.