Allspring Global Investments Holdings LLC Lowers Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Allspring Global Investments Holdings LLC trimmed its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 15.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 184,373 shares of the semiconductor company's stock after selling 34,336 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.35% of Cirrus Logic worth $18,406,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. LSV Asset Management lifted its position in shares of Cirrus Logic by 7.3% during the fourth quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company's stock valued at $224,728,000 after purchasing an additional 154,048 shares in the last quarter. Mackenzie Financial Corp boosted its stake in shares of Cirrus Logic by 12.0% in the 4th quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company's stock worth $182,748,000 after buying an additional 196,483 shares during the last quarter. Castlekeep Investment Advisors LLC bought a new position in shares of Cirrus Logic in the fourth quarter valued at approximately $170,796,000. Wellington Management Group LLP increased its position in shares of Cirrus Logic by 4.1% during the fourth quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company's stock valued at $163,639,000 after acquiring an additional 65,441 shares during the last quarter. Finally, Earnest Partners LLC lifted its holdings in Cirrus Logic by 3.5% during the fourth quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company's stock worth $135,841,000 after acquiring an additional 46,121 shares during the period. 87.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CRUS has been the topic of a number of research analyst reports. Barclays boosted their target price on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research report on Wednesday, May 7th. Benchmark reaffirmed a "buy" rating and set a $125.00 price target on shares of Cirrus Logic in a research report on Wednesday, March 19th. Finally, Wall Street Zen lowered shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Thursday, June 5th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Cirrus Logic presently has an average rating of "Moderate Buy" and an average price target of $128.33.

Cirrus Logic Stock Up 0.8%

Shares of CRUS stock traded up $0.83 on Friday, reaching $110.25. The company's stock had a trading volume of 257,777 shares, compared to its average volume of 637,067. The stock's 50 day simple moving average is $102.63 and its 200-day simple moving average is $100.56. The company has a market capitalization of $5.66 billion, a P/E ratio of 18.34 and a beta of 0.95. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.52. The company had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The firm's quarterly revenue was up 14.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.24 earnings per share. Research analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic announced that its Board of Directors has initiated a share repurchase program on Tuesday, May 6th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 9.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Insider Transactions at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $1,000,000.00. Following the completion of the sale, the executive vice president directly owned 14,001 shares of the company's stock, valued at $1,400,100. The trade was a 41.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Carl Jackson Alberty sold 2,000 shares of the stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the sale, the executive vice president owned 41,645 shares of the company's stock, valued at $4,164,500. This represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 13,000 shares of company stock worth $1,305,620. 1.16% 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.