Allspring Global Investments Holdings LLC Has $9.95 Million Holdings in Cirrus Logic, Inc. $CRUS

Allspring Global Investments Holdings LLC raised its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 12.4% in the first quarter, Holdings Channel.com reports. The firm owned 67,608 shares of the semiconductor company’s stock after acquiring an additional 7,448 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Cirrus Logic were worth $9,947,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mach 1 Financial Group LLC acquired a new stake in Cirrus Logic during the fourth quarter worth $736,000. LSV Asset Management raised its stake in shares of Cirrus Logic by 1.0% in the 4th 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. Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Cirrus Logic by 9.8% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company’s stock valued at $15,391,000 after buying an additional 11,607 shares in the last quarter. Lecap Asset Management Ltd. bought a new position in shares of Cirrus Logic during the 4th quarter worth about $888,000. Finally, Arbejdsmarkedets Tillaegspension bought a new position in shares of Cirrus Logic during the 4th quarter worth about $21,988,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CRUS has been the topic of a number of analyst reports. Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic in a research note on Thursday, May 7th. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. KeyCorp lowered their price objective on Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 14th. Finally, Barclays increased their target price on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report 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 MarketBeat.com, Cirrus Logic presently has an average rating of “Moderate Buy” and an average target price of $160.29.

Cirrus Logic Trading Up 0.1%

Shares of Cirrus Logic stock opened at $139.49 on Thursday. The stock has a market capitalization of $7.04 billion, a price-to-earnings ratio of 17.79 and a beta of 1.17. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42. The firm’s 50-day moving average price is $157.51 and its two-hundred day moving average price is $148.41.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company 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. The company’s revenue was up 5.7% on a year-over-year basis. As a group, equities research analysts predict that Cirrus Logic, Inc. will post 7.86 EPS for the current year.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Justin E. Dougherty sold 2,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total transaction of $333,000.00. Following the completion of the sale, the executive vice president directly owned 4,537 shares of the company’s stock, valued at $755,410.50. This trade represents a 30.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Jeffrey W. Baumgartner sold 1,458 shares of Cirrus Logic stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $145.97, for a total value of $212,824.26. Following the completion of the transaction, the executive vice president owned 16,405 shares of the company’s stock, valued at approximately $2,394,637.85. The trade was a 8.16% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,299 shares of company stock worth $3,581,647 over the last 90 days. Company insiders own 1.20% of the company’s stock.

Cirrus Logic 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.