Assenagon Asset Management S.A. Lowers Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Assenagon Asset Management S.A. reduced its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 29.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 113,687 shares of the semiconductor company’s stock after selling 48,246 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Cirrus Logic were worth $14,121,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in Cirrus Logic by 2.1% during the first quarter. Vanguard Group Inc. now owns 6,363,188 shares of the semiconductor company’s stock worth $588,977,000 after acquiring an additional 128,393 shares during the period. LSV Asset Management grew its stake in shares of Cirrus Logic by 34.6% during the 2nd quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock worth $241,340,000 after purchasing an additional 486,086 shares during the period. Earnest Partners LLC lifted its stake in shares of Cirrus Logic by 3.0% in the 2nd quarter. Earnest Partners LLC now owns 1,358,140 shares of the semiconductor company’s stock valued at $173,380,000 after purchasing an additional 39,759 shares during the period. Sei Investments Co. increased its holdings in Cirrus Logic by 8.6% in the second quarter. Sei Investments Co. now owns 756,585 shares of the semiconductor company’s stock valued at $96,587,000 after buying an additional 59,690 shares in the last quarter. Finally, Pacer Advisors Inc. increased its holdings in Cirrus Logic by 8,183.4% in the second quarter. Pacer Advisors Inc. now owns 665,320 shares of the semiconductor company’s stock valued at $84,935,000 after buying an additional 657,288 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Insider Transactions at Cirrus Logic

In related news, SVP Justin E. Dougherty sold 10,203 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $131.71, for a total value of $1,343,837.13. Following the completion of the sale, the senior vice president now owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Justin E. Dougherty sold 10,203 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the transaction, the senior vice president now owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total transaction of $591,774.00. Following the transaction, the vice president now directly owns 4,004 shares in the company, valued at $544,704.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.02% of the company’s stock.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS opened at $122.22 on Friday. Cirrus Logic, Inc. has a 1 year low of $65.02 and a 1 year high of $147.46. The firm has a market capitalization of $6.53 billion, a PE ratio of 24.79 and a beta of 0.96. The business’s 50 day moving average price is $128.88 and its 200-day moving average price is $120.69.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.50. The business had revenue of $374.03 million during the quarter, compared to analysts’ expectations of $318.41 million. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The company’s quarterly revenue was up 18.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.35 earnings per share. As a group, analysts expect that Cirrus Logic, Inc. will post 5.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CRUS. Susquehanna dropped their target price on Cirrus Logic from $175.00 to $160.00 and set a “positive” rating on the stock in a research report on Monday, October 21st. KeyCorp increased their price target on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Barclays cut Cirrus Logic from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $140.00 to $120.00 in a research report on Thursday, October 10th. StockNews.com lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, October 9th. Finally, Stifel Nicolaus boosted their price target on shares of Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Cirrus Logic presently has an average rating of “Moderate Buy” and a consensus target price of $137.50.

Cirrus Logic 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 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.