Allianz Asset Management GmbH Has $87.52 Million Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Allianz Asset Management GmbH reduced its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 16.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 878,194 shares of the semiconductor company's stock after selling 166,686 shares during the quarter. Allianz Asset Management GmbH owned 1.65% of Cirrus Logic worth $87,516,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CRUS. May Hill Capital LLC boosted its stake in shares of Cirrus Logic by 5.4% in the first quarter. May Hill Capital LLC now owns 2,220 shares of the semiconductor company's stock valued at $221,000 after purchasing an additional 113 shares during the period. Beverly Hills Private Wealth LLC boosted its stake in shares of Cirrus Logic by 3.7% in the first quarter. Beverly Hills Private Wealth LLC now owns 3,440 shares of the semiconductor company's stock valued at $343,000 after purchasing an additional 124 shares during the period. Allworth Financial LP boosted its stake in shares of Cirrus Logic by 2.5% in the first quarter. Allworth Financial LP now owns 6,246 shares of the semiconductor company's stock valued at $577,000 after purchasing an additional 154 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Cirrus Logic by 17.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,057 shares of the semiconductor company's stock valued at $105,000 after purchasing an additional 155 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in Cirrus Logic by 0.3% in the first quarter. State of Alaska Department of Revenue now owns 55,852 shares of the semiconductor company's stock valued at $5,565,000 after acquiring an additional 165 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a report on Wednesday, May 7th. Wall Street Zen raised shares of Cirrus Logic from a "buy" rating to a "strong-buy" rating in a report on Friday, July 18th. Finally, Barclays upped their price target on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $128.33.

Cirrus Logic Price Performance

Shares of CRUS stock traded up $0.29 during trading hours on Friday, reaching $100.59. The stock had a trading volume of 109,408 shares, compared to its average volume of 639,581. The firm has a market capitalization of $5.16 billion, a PE ratio of 16.70 and a beta of 0.95. The firm has a 50-day simple moving average of $103.98 and a 200-day simple moving average of $100.85. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.15 by $0.52. The firm had revenue of $424.46 million for the quarter, compared to analysts' expectations of $380.26 million. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. Cirrus Logic's quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter last year, the company earned $1.24 EPS. On average, equities analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 9.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Carl Jackson Alberty sold 2,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the executive vice president owned 41,645 shares of the company's stock, valued at approximately $4,164,500. This trade represents a 4.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alexander M. Davern sold 1,000 shares of the firm's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total transaction of $105,620.00. Following the transaction, the director directly owned 20,907 shares in the company, valued at approximately $2,208,197.34. The trade was a 4.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,000 shares of company stock valued at $1,305,620. Company insiders own 1.16% of the company's stock.

Cirrus Logic 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.