New York State Teachers Retirement System Reduces Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

New York State Teachers Retirement System cut its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 13.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,443 shares of the semiconductor company's stock after selling 11,575 shares during the period. New York State Teachers Retirement System owned about 0.13% of Cirrus Logic worth $5,943,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. PNC Financial Services Group Inc. raised its stake in shares of Cirrus Logic by 6.3% during the second quarter. PNC Financial Services Group Inc. now owns 2,168 shares of the semiconductor company's stock worth $176,000 after buying an additional 128 shares during the last quarter. Captrust Financial Advisors increased its position in Cirrus Logic by 3.1% during the second quarter. Captrust Financial Advisors now owns 5,312 shares of the semiconductor company's stock worth $430,000 after buying an additional 160 shares during the last quarter. MQS Management LLC boosted its position in Cirrus Logic by 4.0% during the third quarter. MQS Management LLC now owns 4,298 shares of the semiconductor company's stock worth $318,000 after purchasing an additional 164 shares during the period. Truvestments Capital LLC lifted its position in Cirrus Logic by 5.2% during the third quarter. Truvestments Capital LLC now owns 3,462 shares of the semiconductor company's stock worth $256,000 after acquiring an additional 171 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in Cirrus Logic by 0.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 26,963 shares of the semiconductor company's stock valued at $1,994,000 after purchasing an additional 172 shares during the period. Institutional investors and hedge funds own 87.96% of the company's stock.

Insider Activity

In other news, CFO Venkatesh Nathamuni sold 1,000 shares of the business's stock in a transaction dated 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 directly owns 1,587 shares in the company, valued at $150,765. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Venkatesh Nathamuni sold 1,000 shares of the business's stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $95.00, for a total transaction of $95,000.00. Following the completion of the transaction, the chief financial officer now owns 1,587 shares in the company, valued at approximately $150,765. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Justin E. Dougherty sold 3,280 shares of the firm's stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $91.40, for a total value of $299,792.00. Following the transaction, the senior vice president now owns 6,000 shares in the company, valued at approximately $548,400. The disclosure for this sale can be found here. Insiders sold a total of 7,530 shares of company stock valued at $700,292 in the last 90 days. Company insiders own 0.89% of the company's stock.

Cirrus Logic Stock Performance

CRUS traded down $2.29 during trading on Friday, reaching $88.56. The stock had a trading volume of 422,654 shares, compared to its average volume of 299,509. The stock has a market cap of $4.77 billion, a PE ratio of 28.11 and a beta of 1.00. The business has a 50-day moving average of $90.67 and a 200-day moving average of $81.28. Cirrus Logic, Inc. has a one year low of $65.02 and a one year high of $95.87.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on CRUS shares. TD Cowen upped their target price on Cirrus Logic from $90.00 to $100.00 and gave the company an "outperform" rating in a research report on Wednesday, February 7th. Barclays lifted their price target on Cirrus Logic from $90.00 to $95.00 and gave the company an "overweight" rating in a research note on Tuesday, January 16th. StockNews.com upgraded Cirrus Logic from a "buy" rating to a "strong-buy" rating in a report on Friday. Stifel Nicolaus boosted their price target on shares of Cirrus Logic from $95.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, February 7th. Finally, TheStreet raised Cirrus Logic from a "c+" rating to a "b-" rating in a research note on Tuesday, January 23rd. Six investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Cirrus Logic currently 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.