Cirrus Logic, Inc. $CRUS Stock Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Cirrus Logic stake by 84.8% in the third quarter, selling 181,352 shares and retaining 32,519 shares worth approximately $3.9 million.
• Institutional investors own about 87.96% of Cirrus Logic, with several large funds—including Bank of America, Quantinno Capital Management, and California’s teachers’ retirement system—reporting new or increased positions.
• Analyst sentiment is mixed, with Cirrus Logic carrying a consensus “Hold” rating and an average price target of $150.71; the stock recently opened at $110.81 after reporting quarterly EPS of $1.84, ahead of estimates.

Assenagon Asset Management S.A. reduced its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 84.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 32,519 shares of the semiconductor company's stock after selling 181,352 shares during the quarter. Assenagon Asset Management S.A. owned about 0.06% of Cirrus Logic worth $3,901,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Coppell Advisory Solutions LLC purchased a new stake in Cirrus Logic in the second quarter worth about $39,000. Public Employees Retirement System of Ohio bought a new position in Cirrus Logic during the 2nd quarter worth about $2,859,000. Bank of America Corp DE purchased a new position in Cirrus Logic during the 2nd quarter valued at about $168,329,000. Quantinno Capital Management LP increased its position in Cirrus Logic by 21.1% during the 1st quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company's stock valued at $136,262,000 after purchasing an additional 163,979 shares during the period. Finally, California State Teachers Retirement System increased its position in Cirrus Logic by 21.0% during the 1st quarter. California State Teachers Retirement System now owns 58,946 shares of the semiconductor company's stock valued at $8,525,000 after purchasing an additional 10,222 shares during the period. 87.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Wall Street Zen downgraded shares of Cirrus Logic from a "buy" rating to a "hold" rating in a research note on Sunday. Weiss Ratings raised Cirrus Logic from a "hold (c)" rating to a "hold (c+)" rating in a research report on Friday. Stifel Nicolaus dropped their target price on Cirrus Logic from $197.00 to $160.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. KeyCorp downgraded Cirrus Logic from an "overweight" rating to a "sector weight" rating in a report on Thursday, October 15th. Finally, Barclays lowered Cirrus Logic from an "equal weight" rating to an "underweight" rating in a research report on Tuesday. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Cirrus Logic presently has a consensus rating of "Hold" and an average price target of $150.71.

Insider Activity at Cirrus Logic

In other news, EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction on Monday, September 21st. The shares were sold at an average price of $119.00, for a total transaction of $138,754.00. Following the completion of the sale, the executive vice president directly owned 12,907 shares in the company, valued at approximately $1,535,933. The trade was a 8.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.20% of the company's stock.

Cirrus Logic Stock Up 2.0%

NASDAQ:CRUS opened at $110.81 on Wednesday. Cirrus Logic, Inc. has a 52 week low of $105.10 and a 52 week high of $180.42. The firm has a 50 day moving average of $115.20 and a 200 day moving average of $141.05. The stock has a market capitalization of $5.55 billion, a price-to-earnings ratio of 13.56 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 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 during the quarter, compared to analysts' expectations of $460.32 million. During the same period last year, the business posted $1.51 earnings per share. The firm's revenue was up 12.9% compared to the same quarter last year. As a group, analysts expect that Cirrus Logic, Inc. will post 7.20 EPS for the current year.

About Cirrus Logic

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company's product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.

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