First Trust Advisors LP Trims Position in Cirrus Logic, Inc. $CRUS

First Trust Advisors LP cut its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 11.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 285,295 shares of the semiconductor company’s stock after selling 35,223 shares during the quarter. First Trust Advisors LP’s holdings in Cirrus Logic were worth $29,744,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Cirrus Logic by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 6,420,646 shares of the semiconductor company’s stock worth $639,849,000 after acquiring an additional 24,614 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its position in Cirrus Logic by 0.3% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,590,744 shares of the semiconductor company’s stock valued at $158,518,000 after purchasing an additional 4,403 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Cirrus Logic by 98.0% during the first quarter. Ameriprise Financial Inc. now owns 1,117,526 shares of the semiconductor company’s stock worth $111,380,000 after purchasing an additional 553,169 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Cirrus Logic by 131.5% in the 1st quarter. AQR Capital Management LLC now owns 1,063,813 shares of the semiconductor company’s stock worth $103,456,000 after purchasing an additional 604,337 shares in the last quarter. Finally, Norges Bank bought a new position in Cirrus Logic during the second quarter valued at approximately $68,744,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. KeyCorp raised their price target on Cirrus Logic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Zacks Research upgraded Cirrus Logic from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research note on Monday. Stifel Nicolaus boosted their price objective on shares of Cirrus Logic from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Finally, Susquehanna lifted 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. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cirrus Logic has an average rating of “Moderate Buy” and an average target price of $141.67.

Cirrus Logic Trading Up 0.8%

NASDAQ CRUS opened at $126.38 on Thursday. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $136.92. The stock’s 50 day moving average is $123.53 and its 200 day moving average is $114.17. The stock has a market cap of $6.45 billion, a PE ratio of 17.95 and a beta of 1.08.

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

Insider Buying and Selling at Cirrus Logic

In other news, EVP Jeffrey W. Baumgartner sold 9,162 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $120.00, for a total value of $1,099,440.00. Following the completion of the transaction, the executive vice president owned 14,001 shares in the company, valued at approximately $1,680,120. The trade was a 39.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Thomas sold 734 shares of the business’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $131.25, for a total transaction of $96,337.50. Following the transaction, the executive vice president owned 26,307 shares in the company, valued at $3,452,793.75. This trade represents a 2.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,100 shares of company stock valued at $3,861,510 over the last quarter. 1.16% of the stock is owned by corporate 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.