Northwestern Mutual Wealth Management Co. Purchases 65,256 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• Northwestern Mutual Wealth Management boosted its Cirrus Logic stake by 2,574.2% in the fourth quarter, buying 65,256 shares and bringing its total holding to 67,791 shares worth about $8.0 million.
• Cirrus Logic beat Wall Street expectations in its latest quarterly results, reporting EPS of $1.95 versus estimates of $1.76 and revenue of $448.5 million, up 5.7% from a year earlier.
• Analyst sentiment is mixed but constructive, with the stock carrying a consensus "Moderate Buy" and an average price target of $161.71, while some firms recently lowered ratings or set targets ranging from $130 to $197.

Northwestern Mutual Wealth Management Co. increased its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 2,574.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,791 shares of the semiconductor company's stock after acquiring an additional 65,256 shares during the quarter. Northwestern Mutual Wealth Management Co. owned about 0.13% of Cirrus Logic worth $8,033,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CRUS. Vaughan Nelson Investment Management L.P. raised its stake in shares of Cirrus Logic by 546.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company's stock worth $46,005,000 after acquiring an additional 328,159 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Cirrus Logic by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company's stock worth $829,724,000 after acquiring an additional 268,560 shares in the last quarter. Arbejdsmarkedets Tillaegspension bought a new position in shares of Cirrus Logic during the 4th quarter worth approximately $21,988,000. Voloridge Investment Management LLC bought a new position in shares of Cirrus Logic during the 3rd quarter worth approximately $19,508,000. Finally, Barclays PLC raised its stake in shares of Cirrus Logic by 234.4% during the 3rd quarter. Barclays PLC now owns 183,122 shares of the semiconductor company's stock worth $22,943,000 after acquiring an additional 128,362 shares in the last quarter. Institutional investors own 87.96% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on CRUS. Loop Capital lowered shares of Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 price objective for the company. in a research note on Monday, February 2nd. Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research note on Thursday, May 7th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a research note on Friday, March 27th. Zacks Research lowered shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Finally, Barclays upped their price target 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. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $161.71.

Insider Transactions at Cirrus Logic

In other news, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total value of $159,000.00. Following the sale, the director owned 20,531 shares in the company, valued at $3,264,429. This represents a 4.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Thomas sold 9,942 shares of the stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $160.11, for a total transaction 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 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 have sold 15,942 shares of company stock worth $2,602,864 over the last 90 days. 1.16% of the stock is currently owned by company insiders.

Cirrus Logic Trading Up 2.7%

Shares of Cirrus Logic stock opened at $171.17 on Friday. Cirrus Logic, Inc. has a 12-month low of $92.02 and a 12-month high of $179.00. The firm has a market capitalization of $8.73 billion, a price-to-earnings ratio of 21.83 and a beta of 1.16. The firm's 50 day simple moving average is $156.25 and its two-hundred day simple moving average is $137.44.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.26 million. During the same quarter in the prior year, the business posted $1.67 EPS. Cirrus Logic's revenue for the quarter was up 5.7% compared to the same quarter last year. On average, sell-side analysts predict that Cirrus Logic, Inc. will post 8.01 EPS for the current fiscal year.

Cirrus Logic 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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