Allianz Asset Management GmbH Has $127.22 Million Holdings in Cirrus Logic, Inc. $CRUS

Allianz Asset Management GmbH increased its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 33.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,073,623 shares of the semiconductor company’s stock after purchasing an additional 269,391 shares during the period. Allianz Asset Management GmbH’s holdings in Cirrus Logic were worth $127,224,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CRUS. Norges Bank acquired a new position in shares of Cirrus Logic during the 4th quarter valued at about $69,674,000. Vaughan Nelson Investment Management L.P. grew its holdings in Cirrus Logic by 546.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock valued at $46,005,000 after buying an additional 328,159 shares during the last quarter. Vanguard Group Inc. grew its holdings in Cirrus Logic by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company’s stock valued at $829,724,000 after buying an additional 268,560 shares during the last quarter. Arbejdsmarkedets Tillaegspension acquired a new stake in Cirrus Logic in the 4th quarter valued at approximately $21,988,000. Finally, Voloridge Investment Management LLC acquired a new stake in Cirrus Logic in the 3rd quarter valued at approximately $19,508,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

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 that occurred 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 transaction, the executive vice president owned 4,537 shares in the company, valued at $755,410.50. This trade represents a 30.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John Forsyth sold 5,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer owned 70,016 shares of the company’s stock, valued at $11,931,426.56. This trade represents a 6.67% 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 have sold 23,149 shares of company stock worth $3,828,401 over the last three months. 1.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have issued reports on CRUS. Barclays raised their target price on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a report on Thursday, May 7th. Zacks Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Friday, March 27th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus price target of $161.71.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $157.87 on Thursday. The company has a market capitalization of $7.96 billion, a PE ratio of 20.14 and a beta of 1.15. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42. The business has a 50 day simple moving average of $164.54 and a 200 day simple moving average of $142.18.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, topping the consensus estimate of $1.76 by $0.19. The business had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.26 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.Cirrus Logic’s revenue was up 5.7% on a year-over-year basis. During the same quarter last year, the company earned $1.67 EPS. Equities analysts anticipate that Cirrus Logic, Inc. will post 8.05 earnings per share for the current fiscal year.

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.