Cirrus Logic, Inc. $CRUS Shares Acquired by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. increased its Cirrus Logic stake by 7.8% in Q1, ending with 155,425 shares valued at about $22.5 million.
• Cirrus Logic reported strong quarterly results, with EPS of $1.95 beating estimates and revenue of $448.5 million topping forecasts; revenue also rose 5.7% year over year.
• Despite the earnings beat, the stock was down 4.9% and analysts remain mixed, with a consensus rating of Moderate Buy and an average price target of $161.71.

Assenagon Asset Management S.A. raised its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 7.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 155,425 shares of the semiconductor company's stock after acquiring an additional 11,286 shares during the period. Assenagon Asset Management S.A. owned approximately 0.30% of Cirrus Logic worth $22,478,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd grew its holdings in shares of Cirrus Logic by 7,333.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company's stock worth $26,000 after acquiring an additional 220 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Cirrus Logic in the 4th quarter worth about $33,000. Torren Management LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at about $35,000. Kestra Advisory Services LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at about $36,000. Finally, CIBC Private Wealth Group LLC increased its holdings in Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company's stock valued at $46,000 after acquiring an additional 88 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Insider Buying and Selling at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of the company's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total transaction of $159,000.00. Following the completion of the transaction, the director directly owned 20,531 shares in the company, valued at $3,264,429. This represents a 4.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Thomas sold 9,942 shares of the firm's stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $160.11, for a total value of $1,591,813.62. Following the completion of the sale, the executive vice president owned 30,393 shares in the company, valued at $4,866,223.23. The trade was a 24.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 24,319 shares of company stock worth $4,025,230. 1.20% of the stock is owned by company insiders.

Cirrus Logic Stock Down 4.9%

Shares of NASDAQ:CRUS opened at $146.50 on Friday. The company has a market cap of $7.39 billion, a PE ratio of 18.69 and a beta of 1.15. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $180.42. The firm has a 50-day simple moving average of $166.33 and a 200 day simple moving average of $145.41.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts' consensus estimates of $1.76 by $0.19. The company had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.25 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.Cirrus Logic's quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.67 earnings per share. As a group, research analysts forecast that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CRUS has been the subject of several research reports. Zacks Research downgraded Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Barclays raised their price target on Cirrus Logic from $120.00 to $140.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a research note on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a research report on Wednesday. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Cirrus Logic has a consensus rating of "Moderate Buy" and a consensus target price of $161.71.

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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