Cirrus Logic, Inc. $CRUS Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 10.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 60,160 shares of the semiconductor company’s stock after selling 6,839 shares during the period. Allspring Global Investments Holdings LLC owned 0.12% of Cirrus Logic worth $7,199,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in CRUS. Thrivent Financial for Lutherans boosted its stake in Cirrus Logic by 102.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 25,341 shares of the semiconductor company’s stock worth $3,175,000 after buying an additional 12,828 shares during the last quarter. Inspire Investing LLC boosted its stake in Cirrus Logic by 186.9% in the 3rd quarter. Inspire Investing LLC now owns 13,241 shares of the semiconductor company’s stock worth $1,659,000 after buying an additional 8,625 shares during the last quarter. CWA Asset Management Group LLC acquired a new stake in Cirrus Logic in the 3rd quarter worth about $2,635,000. First Trust Advisors LP boosted its stake in Cirrus Logic by 8.2% in the 3rd quarter. First Trust Advisors LP now owns 308,735 shares of the semiconductor company’s stock worth $38,681,000 after buying an additional 23,440 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Cirrus Logic by 223.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 144,139 shares of the semiconductor company’s stock worth $17,080,000 after buying an additional 99,526 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Analysts Set New Price Targets

CRUS has been the topic of a number of research analyst reports. KeyCorp raised their price target on Cirrus Logic from $150.00 to $175.00 and gave the stock an “overweight” rating in a research note on Monday. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research note on Friday, March 27th. Stifel Nicolaus raised their price target on Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. Barclays raised their price target on Cirrus Logic from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Tuesday, March 3rd. Finally, Benchmark raised their price objective on Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $150.43.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $148.78 on Tuesday. The stock’s 50-day moving average is $139.16 and its 200-day moving average is $128.92. The company has a market cap of $7.59 billion, a price-to-earnings ratio of 19.60 and a beta of 1.08. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $154.90.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, February 3rd. The semiconductor company reported $2.97 EPS for the quarter, topping analysts’ consensus estimates of $2.37 by $0.60. The company had revenue of $580.62 million for the quarter, compared to the consensus estimate of $531.43 million. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period last year, the business posted $2.51 EPS. Research analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Insider Transactions at Cirrus Logic

In other news, EVP Scott Thomas sold 3,239 shares of the firm’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $141.63, for a total value of $458,739.57. Following the transaction, the executive vice president directly owned 30,393 shares in the company, valued at $4,304,560.59. This trade represents a 9.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Justin E. Dougherty sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $143.16, for a total value of $429,480.00. Following the sale, the executive vice president owned 5,876 shares in the company, valued at approximately $841,208.16. The trade was a 33.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,045 shares of company stock worth $3,835,300 in the last three months. 1.16% of the stock is currently owned by company insiders.

About Cirrus Logic

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.