LPL Financial LLC Reduces Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

LPL Financial LLC cut its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 32.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,328 shares of the semiconductor company's stock after selling 6,465 shares during the quarter. LPL Financial LLC's holdings in Cirrus Logic were worth $1,327,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of CRUS. MML Investors Services LLC increased its position in shares of Cirrus Logic by 5.4% during the 3rd quarter. MML Investors Services LLC now owns 4,119 shares of the semiconductor company's stock valued at $512,000 after purchasing an additional 212 shares during the last quarter. M&T Bank Corp increased its position in shares of Cirrus Logic by 22.1% during the 3rd quarter. M&T Bank Corp now owns 2,074 shares of the semiconductor company's stock valued at $258,000 after purchasing an additional 376 shares during the last quarter. Virtu Financial LLC bought a new position in Cirrus Logic during the 3rd quarter worth approximately $941,000. Westside Investment Management Inc. bought a new position in Cirrus Logic during the 3rd quarter worth approximately $35,000. Finally, Sanctuary Advisors LLC grew its position in Cirrus Logic by 50.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 11,850 shares of the semiconductor company's stock worth $1,472,000 after acquiring an additional 3,948 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Stock Up 4.7 %

Shares of Cirrus Logic stock traded up $4.04 on Wednesday, reaching $90.78. The company's stock had a trading volume of 34,216 shares, compared to its average volume of 619,584. The company has a market capitalization of $4.82 billion, a price-to-earnings ratio of 16.48 and a beta of 0.95. The firm's fifty day simple moving average is $97.89 and its two-hundred day simple moving average is $103.62. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing analysts' consensus estimates of $2.36 by ($0.21). Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. As a group, research analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CRUS shares. Barclays cut their price objective on Cirrus Logic from $115.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Stifel Nicolaus cut their price objective on Cirrus Logic from $140.00 to $112.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, Benchmark reiterated a "buy" rating and issued a $125.00 price objective on shares of Cirrus Logic in a research report on Wednesday, March 19th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $123.86.

Insiders Place Their Bets

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $100.00, for a total value of $205,100.00. Following the transaction, the executive vice president now owns 8,330 shares of the company's stock, valued at approximately $833,000. This trade represents a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.02% of the company's stock.

Cirrus Logic Company Profile

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.