Cirrus Logic, Inc. $CRUS Position Increased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. grew its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 7.8% in the 1st quarter, HoldingsChannel reports. The firm owned 155,425 shares of the semiconductor company’s stock after acquiring an additional 11,286 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Cirrus Logic were worth $22,478,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. LSV Asset Management lifted its stake in Cirrus Logic by 1.0% during the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock valued at $279,215,000 after buying an additional 23,703 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its position in shares of Cirrus Logic by 0.7% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company’s stock valued at $187,059,000 after acquiring an additional 11,307 shares in the last quarter. Earnest Partners LLC lifted its position in shares of Cirrus Logic by 0.8% in the 3rd quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company’s stock valued at $168,980,000 after acquiring an additional 10,750 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Cirrus Logic by 7.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,244,258 shares of the semiconductor company’s stock worth $147,452,000 after purchasing an additional 83,059 shares during the period. Finally, Allianz Asset Management GmbH boosted its stake in Cirrus Logic by 33.5% in the 4th quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock worth $127,224,000 after purchasing an additional 269,391 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Trading Down 4.9%

CRUS opened at $146.50 on Friday. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42. The firm has a 50-day moving average price of $166.33 and a two-hundred day moving average price of $145.41. The stock has a market capitalization of $7.39 billion, a PE ratio of 18.69 and a beta of 1.15.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.25 million. During the same quarter last year, the business posted $1.67 earnings per share. Cirrus Logic’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, research analysts predict that Cirrus Logic, Inc. will post 8.05 EPS for the current year.

Insider Transactions at Cirrus Logic

In other news, CEO John Forsyth sold 5,000 shares of Cirrus Logic stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.41, for a total value of $852,050.00. Following the completion of the sale, the chief executive officer directly owned 70,016 shares of the company’s stock, valued at approximately $11,931,426.56. This trade represents a 6.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total value of $658,485.78. Following the transaction, the executive vice president directly owned 17,575 shares in the company, valued at $2,962,090.50. This trade represents a 18.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 24,319 shares of company stock worth $4,025,230. Corporate insiders own 1.20% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on CRUS. Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a report on Thursday, May 7th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday. Finally, KeyCorp upped their price target on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Cirrus Logic has a consensus rating of “Moderate Buy” and an average price target of $161.71.

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.