Assenagon Asset Management S.A. Acquires 58,446 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• Assenagon Asset Management increased its Cirrus Logic stake by 37.6% in the second quarter, adding 58,446 shares to own 213,871 shares worth approximately $31.8 million. Institutional investors collectively hold 87.96% of the company.
• Analyst sentiment remains moderately positive, with five Buy ratings and four Holds, though several firms recently lowered price targets. Cirrus Logic has a consensus price target of $150.71.
• Cirrus Logic beat quarterly EPS estimates, reporting $1.84 versus the $1.81 consensus, while revenue rose 12.9% year over year to $459.72 million. Insiders, however, sold 18,465 shares worth $2.89 million over the past 90 days.

Assenagon Asset Management S.A. raised its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 37.6% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 213,871 shares of the semiconductor company's stock after acquiring an additional 58,446 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.42% of Cirrus Logic worth $31,766,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Cirrus Logic by 7,333.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 220 shares during the period. Geneos Wealth Management Inc. raised its position in Cirrus Logic by 120.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company's stock worth $32,000 after purchasing an additional 120 shares during the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in Cirrus Logic during the 4th quarter worth $33,000. Torren Management LLC acquired a new position in Cirrus Logic during the 4th quarter worth about $35,000. Finally, Kestra Advisory Services LLC acquired a new position in Cirrus Logic during the 4th quarter worth about $36,000. Institutional investors own 87.96% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CRUS. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a research note on Thursday, June 4th. KeyCorp cut their price objective on Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating on the stock in a research note on Thursday. Wall Street Zen cut Cirrus Logic from a "buy" rating to a "hold" rating in a report on Saturday. Stifel Nicolaus decreased their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a research report on Thursday. Finally, Zacks Research downgraded shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $150.71.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Scott Thomas sold 1,300 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total transaction of $234,052.00. Following the transaction, the executive vice president directly owned 31,048 shares in the company, valued at approximately $5,589,881.92. This represents a 4.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 sale, the executive vice president directly owned 4,537 shares of the company's stock, valued at approximately $755,410.50. This trade represents a 30.60% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 18,465 shares of company stock valued at $2,891,169 in the last 90 days. Company insiders own 1.20% of the company's stock.

Cirrus Logic Trading Up 1.1%

Shares of Cirrus Logic stock opened at $124.92 on Friday. The business has a 50-day moving average price of $148.68 and a two-hundred day moving average price of $148.99. Cirrus Logic, Inc. has a 1-year low of $99.78 and a 1-year high of $180.42. The company has a market cap of $6.30 billion, a P/E ratio of 15.29 and a beta of 1.18.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The company had revenue of $459.72 million for the quarter, compared to the consensus estimate of $460.32 million. During the same period in the previous year, the business earned $1.51 EPS. The firm's revenue was up 12.9% compared to the same quarter last year. Equities research analysts forecast that Cirrus Logic, Inc. will post 7.86 EPS 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.

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