Thrivent Financial for Lutherans Acquires 12,828 Shares of Cirrus Logic, Inc. $CRUS

Thrivent Financial for Lutherans grew its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 102.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 25,341 shares of the semiconductor company’s stock after buying an additional 12,828 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Cirrus Logic were worth $3,175,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Impact Partnership Wealth LLC increased its holdings in Cirrus Logic by 22.6% during the third quarter. Impact Partnership Wealth LLC now owns 3,141 shares of the semiconductor company’s stock valued at $394,000 after buying an additional 578 shares during the period. Summit Global Investments boosted its position in Cirrus Logic by 8.2% during the 3rd quarter. Summit Global Investments now owns 8,874 shares of the semiconductor company’s stock valued at $1,112,000 after acquiring an additional 669 shares in the last quarter. Federated Hermes Inc. increased its holdings in shares of Cirrus Logic by 12.8% in the 3rd quarter. Federated Hermes Inc. now owns 44,932 shares of the semiconductor company’s stock valued at $5,630,000 after acquiring an additional 5,112 shares during the period. Stonegate Investment Group LLC increased its holdings in shares of Cirrus Logic by 6.2% in the 3rd quarter. Stonegate Investment Group LLC now owns 2,298 shares of the semiconductor company’s stock valued at $288,000 after acquiring an additional 134 shares during the period. Finally, CIBC Asset Management Inc bought a new position in shares of Cirrus Logic in the 3rd quarter worth $213,000. 87.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRUS has been the topic of a number of recent research reports. Wall Street Zen downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Zacks Research upgraded shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating in a report on Monday, October 27th. Susquehanna lifted their price objective on shares of Cirrus Logic from $140.00 to $155.00 and gave the stock a “positive” rating in a research report on Wednesday, October 22nd. Williams Trading set a $150.00 target price on shares of Cirrus Logic in a research report on Wednesday, November 5th. Finally, Loop Capital downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 target price for the company. in a research note on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Cirrus Logic has an average rating of “Moderate Buy” and a consensus target price of $145.43.

Insider Activity

In other news, CEO John Forsyth sold 21,806 shares of the firm’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total value of $2,947,080.90. Following the completion of the transaction, the chief executive officer directly owned 50,723 shares in the company, valued at $6,855,213.45. This trade represents a 30.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Andrew Brannan sold 8,913 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $119.06, for a total value of $1,061,181.78. Following the completion of the sale, the executive vice president owned 5,950 shares in the company, valued at approximately $708,407. This represents a 59.97% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.16% of the company’s stock.

Cirrus Logic Trading Up 1.9%

NASDAQ:CRUS opened at $142.78 on Monday. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $144.76. The firm has a fifty day simple moving average of $124.39 and a 200-day simple moving average of $120.39. The company has a market capitalization of $7.28 billion, a P/E ratio of 18.81 and a beta of 1.12.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.37 by $0.60. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The firm had revenue of $580.62 million for the quarter, compared to the consensus estimate of $531.43 million. During the same period in the prior year, the firm earned $2.51 EPS. The firm’s revenue was up 4.5% on a year-over-year basis. Equities analysts forecast that Cirrus Logic, Inc. will post 5.63 EPS for the current 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.