Cirrus Logic, Inc. $CRUS Stake Lifted by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management boosted its Cirrus Logic stake by 33.5% in the fourth quarter, buying 269,391 more shares and ending with 1,073,623 shares worth about $127.2 million.
• Cirrus Logic beat earnings expectations in its latest quarterly report, posting EPS of $1.95 versus $1.76 expected and revenue of $448.5 million, up 5.7% year over year.
• The stock was trading down 3.8% at $157.87, while analysts remain mixed but generally positive, with a consensus rating of Moderate Buy and an average target price of $161.71.

Allianz Asset Management GmbH increased its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 33.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,073,623 shares of the semiconductor company's stock after buying an additional 269,391 shares during the quarter. Allianz Asset Management GmbH owned about 2.10% of Cirrus Logic worth $127,224,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Brand Asset Management Group Inc. grew its stake in shares of Cirrus Logic by 26.1% in the fourth quarter. Brand Asset Management Group Inc. now owns 2,736 shares of the semiconductor company's stock worth $324,000 after purchasing an additional 567 shares in the last quarter. Fox Run Management L.L.C. grew its stake in shares of Cirrus Logic by 205.7% in the fourth quarter. Fox Run Management L.L.C. now owns 12,859 shares of the semiconductor company's stock worth $1,524,000 after purchasing an additional 8,653 shares in the last quarter. Cerity Partners LLC grew its stake in shares of Cirrus Logic by 155.2% in the fourth quarter. Cerity Partners LLC now owns 34,941 shares of the semiconductor company's stock worth $4,141,000 after purchasing an additional 21,247 shares in the last quarter. Brandywine Global Investment Management LLC bought a new position in shares of Cirrus Logic in the fourth quarter worth $696,000. Finally, O Shaughnessy Asset Management LLC grew its stake in shares of Cirrus Logic by 64.0% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 11,880 shares of the semiconductor company's stock worth $1,408,000 after purchasing an additional 4,636 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Trading Down 3.8%

Shares of Cirrus Logic stock opened at $157.87 on Thursday. The stock has a 50-day moving average price of $164.54 and a 200 day moving average price of $142.18. The company has a market cap of $7.96 billion, a P/E ratio of 20.14 and a beta of 1.15. Cirrus Logic, Inc. has a 1 year low of $92.02 and a 1 year high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.19. The firm had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.26 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The business's revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.67 EPS. On average, equities analysts forecast that Cirrus Logic, Inc. will post 8.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cirrus Logic news, EVP Scott Thomas sold 9,942 shares of the company's stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $160.11, for a total value of $1,591,813.62. Following the transaction, the executive vice president directly owned 30,393 shares of the company's stock, valued at $4,866,223.23. This represents a 24.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Forsyth sold 5,000 shares of the company's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $170.41, for a total value of $852,050.00. Following the completion of the transaction, the chief executive officer directly owned 70,016 shares in the company, valued at approximately $11,931,426.56. The trade was a 6.67% decrease in their ownership of the stock. 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. Over the last 90 days, insiders sold 23,149 shares of company stock worth $3,828,401. Insiders own 1.20% of the company's stock.

Analyst Upgrades and Downgrades

CRUS has been the subject of several recent analyst reports. Zacks Research cut Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a research note on Thursday, June 4th. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research note on Thursday, May 7th. Barclays raised their target price on 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, KeyCorp raised their target price on Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Cirrus Logic presently has an average rating of "Moderate Buy" and an average target price of $161.71.

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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