Assenagon Asset Management S.A. Decreases Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Assenagon Asset Management S.A. lowered its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 49.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,413 shares of the semiconductor company's stock after selling 32,203 shares during the quarter. Assenagon Asset Management S.A. owned 0.06% of Cirrus Logic worth $3,230,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CRUS. Empowered Funds LLC bought a new position in shares of Cirrus Logic in the 4th quarter valued at about $300,000. Allspring Global Investments Holdings LLC lifted its stake in shares of Cirrus Logic by 443.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 218,709 shares of the semiconductor company's stock valued at $21,742,000 after purchasing an additional 178,469 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Cirrus Logic by 56.0% in the 4th quarter. Van ECK Associates Corp now owns 55,633 shares of the semiconductor company's stock worth $5,540,000 after purchasing an additional 19,979 shares during the period. Vontobel Holding Ltd. boosted its holdings in shares of Cirrus Logic by 47.2% in the 4th quarter. Vontobel Holding Ltd. now owns 11,480 shares of the semiconductor company's stock worth $1,143,000 after purchasing an additional 3,680 shares during the period. Finally, Blue Trust Inc. increased its position in shares of Cirrus Logic by 7.9% during the 4th quarter. Blue Trust Inc. now owns 5,878 shares of the semiconductor company's stock valued at $585,000 after purchasing an additional 429 shares during the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Stock Down 0.7%

CRUS stock traded down $0.75 during trading on Tuesday, hitting $103.34. The company had a trading volume of 360,599 shares, compared to its average volume of 638,058. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46. The company has a 50 day simple moving average of $97.36 and a 200-day simple moving average of $100.37. The firm has a market capitalization of $5.30 billion, a P/E ratio of 16.93 and a beta of 0.93.

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

Cirrus Logic announced that its board has authorized a share repurchase program on Tuesday, May 6th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 9.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several research analysts have commented on CRUS shares. 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. Barclays lifted their price target on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Benchmark reissued a "buy" rating and issued a $125.00 price objective on shares of Cirrus Logic in a research report on Wednesday, March 19th. Finally, Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $128.33.

Insiders Place Their Bets

In other news, EVP Carl Jackson Alberty sold 2,000 shares of the business's 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 completion of the sale, the executive vice president now owns 41,645 shares in the company, valued at approximately $4,164,500. The trade was a 4.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction that occurred on 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 now owns 20,907 shares in the company, valued at approximately $2,208,197.34. This represents a 4.56% 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 company 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.