Cirrus Logic, Inc. $CRUS Shares Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its Cirrus Logic stake by 12.4% in the first quarter, buying 7,448 additional shares and bringing its total to 67,608 shares worth about $9.95 million.
• Several other institutional investors also adjusted positions in CRUS, and hedge funds and other institutions now own 87.96% of the stock.
• Analysts remain mixed but generally constructive: Cirrus Logic has a Moderate Buy consensus rating with a $160.29 price target, while recent insider sales and a smaller-than-expected stock gain add a note of caution.

Allspring Global Investments Holdings LLC raised its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 12.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 67,608 shares of the semiconductor company's stock after buying an additional 7,448 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.13% of Cirrus Logic worth $9,947,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of CRUS. Twin Capital Management Inc. acquired a new stake in Cirrus Logic during the 1st quarter valued at $1,320,000. Bank of New York Mellon Corp grew its holdings in shares of Cirrus Logic by 14.7% during the first quarter. Bank of New York Mellon Corp now owns 402,604 shares of the semiconductor company's stock valued at $58,225,000 after buying an additional 51,742 shares in the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of Cirrus Logic by 19.0% during the first quarter. Illinois Municipal Retirement Fund now owns 39,136 shares of the semiconductor company's stock valued at $5,660,000 after buying an additional 6,243 shares in the last quarter. Geneos Wealth Management Inc. raised its position in Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company's stock valued at $32,000 after buying an additional 120 shares during the period. Finally, Hillsdale Investment Management Inc. raised its position in Cirrus Logic by 4.5% during the first quarter. Hillsdale Investment Management Inc. now owns 37,070 shares of the semiconductor company's stock valued at $5,361,000 after buying an additional 1,600 shares during the period. 87.96% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Scott Thomas sold 1,300 shares of Cirrus Logic stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total value of $234,052.00. Following the transaction, the executive vice president owned 31,048 shares in the company, valued at $5,589,881.92. This trade represents a 4.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the business's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the transaction, the executive vice president directly owned 7,203 shares of the company's stock, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 22,299 shares of company stock valued at $3,581,647 in the last three months. Company insiders own 1.20% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CRUS. KeyCorp lowered their target price on Cirrus Logic from $200.00 to $190.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 14th. Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research report on Thursday, May 7th. Zacks Research lowered shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Barclays lifted their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a research note on Thursday, May 7th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Cirrus Logic presently has a consensus rating of "Moderate Buy" and a consensus price target of $160.29.

Cirrus Logic Trading Up 0.1%

Cirrus Logic stock opened at $139.49 on Thursday. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42. The firm's fifty day simple moving average is $157.51 and its 200-day simple moving average is $148.41. The company has a market capitalization of $7.04 billion, a P/E ratio of 17.79 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.76 by $0.19. The firm had revenue of $448.52 million during the quarter, compared to analysts' expectations of $442.25 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. Cirrus Logic's revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.67 earnings per share. On average, equities research analysts predict that Cirrus Logic, Inc. will post 7.86 earnings per share for the current year.

Cirrus Logic Company Profile

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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