Renaissance Technologies LLC Decreases Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Renaissance Technologies LLC lowered its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 21.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 156,620 shares of the semiconductor company's stock after selling 43,300 shares during the quarter. Renaissance Technologies LLC owned approximately 0.29% of Cirrus Logic worth $15,596,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in shares of Cirrus Logic by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company's stock worth $141,414,000 after purchasing an additional 50,582 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Cirrus Logic by 30.4% during the third quarter. JPMorgan Chase & Co. now owns 296,357 shares of the semiconductor company's stock valued at $36,811,000 after purchasing an additional 69,006 shares during the period. Burney Co. increased its position in Cirrus Logic by 1,205.3% in the fourth quarter. Burney Co. now owns 154,247 shares of the semiconductor company's stock worth $15,360,000 after buying an additional 142,430 shares during the last quarter. KBC Group NV raised its stake in shares of Cirrus Logic by 52.5% in the fourth quarter. KBC Group NV now owns 1,896 shares of the semiconductor company's stock valued at $189,000 after buying an additional 653 shares during the period. Finally, Franklin Resources Inc. lifted its position in shares of Cirrus Logic by 60.1% during the 3rd quarter. Franklin Resources Inc. now owns 167,258 shares of the semiconductor company's stock valued at $20,625,000 after buying an additional 62,757 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.

Cirrus Logic Stock Performance

CRUS traded up $0.06 on Friday, reaching $85.58. The company had a trading volume of 519,758 shares, compared to its average volume of 621,544. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46. The company has a market cap of $4.55 billion, a price-to-earnings ratio of 15.53 and a beta of 0.95. The business has a 50 day simple moving average of $98.66 and a 200 day simple moving average of $103.98.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share (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, equities research analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Barclays increased their price objective on Cirrus Logic from $105.00 to $115.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. Benchmark reaffirmed a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. Finally, Stifel Nicolaus decreased their target price on shares of Cirrus Logic from $140.00 to $112.00 and set a "buy" rating on the stock in a report on Thursday. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $128.86.

Insider Activity at Cirrus Logic

In other news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president now owns 8,330 shares of the company's stock, valued at approximately $833,000. This represents a 19.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.02% of the stock is currently owned by insiders.

About Cirrus Logic

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.