Assenagon Asset Management S.A. Buys 46,224 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Assenagon Asset Management S.A. raised its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 42.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,524 shares of the semiconductor company's stock after acquiring an additional 46,224 shares during the period. Assenagon Asset Management S.A. owned 0.29% of Cirrus Logic worth $12,855,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. FMR LLC increased its position in Cirrus Logic by 4.5% during the third quarter. FMR LLC now owns 7,552,630 shares of the semiconductor company's stock worth $558,593,000 after buying an additional 327,269 shares during the period. Vanguard Group Inc. increased its holdings in shares of Cirrus Logic by 1.7% in the 3rd quarter. Vanguard Group Inc. now owns 6,299,658 shares of the semiconductor company's stock valued at $465,923,000 after acquiring an additional 105,577 shares during the period. Mackenzie Financial Corp raised its position in Cirrus Logic by 5.9% in the 4th quarter. Mackenzie Financial Corp now owns 2,891,480 shares of the semiconductor company's stock valued at $215,357,000 after purchasing an additional 160,832 shares during the last quarter. State Street Corp boosted its stake in Cirrus Logic by 7.0% during the 2nd quarter. State Street Corp now owns 2,103,952 shares of the semiconductor company's stock worth $170,441,000 after purchasing an additional 137,227 shares during the period. Finally, Wellington Management Group LLP grew its position in Cirrus Logic by 183.8% during the 1st quarter. Wellington Management Group LLP now owns 1,972,087 shares of the semiconductor company's stock worth $167,214,000 after purchasing an additional 1,277,213 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.

Cirrus Logic Price Performance

NASDAQ:CRUS traded up $0.62 on Friday, reaching $92.56. The stock had a trading volume of 253,461 shares, compared to its average volume of 384,778. Cirrus Logic, Inc. has a 12-month low of $65.02 and a 12-month high of $111.15. The company has a market cap of $4.99 billion, a price-to-earnings ratio of 29.38, a P/E/G ratio of 16.27 and a beta of 1.00. The firm's fifty day moving average is $88.44 and its two-hundred day moving average is $79.93.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $2.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.83. Cirrus Logic had a net margin of 9.84% and a return on equity of 16.13%. The business had revenue of $618.98 million for the quarter, compared to the consensus estimate of $539.55 million. As a group, research analysts forecast that Cirrus Logic, Inc. will post 4.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Venkatesh Nathamuni sold 1,000 shares of Cirrus Logic stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $95.00, for a total value of $95,000.00. Following the transaction, the chief financial officer now owns 1,587 shares in the company, valued at $150,765. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Venkatesh Nathamuni sold 1,000 shares of the business's stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $95.00, for a total value of $95,000.00. Following the completion of the sale, the chief financial officer now owns 1,587 shares of the company's stock, valued at approximately $150,765. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Justin E. Dougherty sold 3,280 shares of Cirrus Logic stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total value of $299,792.00. Following the completion of the transaction, the senior vice president now owns 6,000 shares of the company's stock, valued at $548,400. The disclosure for this sale can be found here. Insiders have sold a total of 7,530 shares of company stock valued at $700,292 in the last quarter. 0.89% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CRUS. TheStreet upgraded shares of Cirrus Logic from a "c+" rating to a "b-" rating in a research note on Tuesday, January 23rd. StockNews.com cut Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday, March 21st. Barclays raised their price target on Cirrus Logic from $90.00 to $95.00 and gave the company an "overweight" rating in a report on Tuesday, January 16th. TD Cowen upped their price objective on Cirrus Logic from $90.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, February 7th. Finally, Susquehanna raised their target price on Cirrus Logic from $85.00 to $100.00 and gave the company a "positive" rating in a report on Wednesday, February 7th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $96.43.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power, high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processing; boosted amplifiers; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation.