Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Sold by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD lessened its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 2.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 400,092 shares of the semiconductor company's stock after selling 9,094 shares during the period. Price T Rowe Associates Inc. MD owned 0.75% of Cirrus Logic worth $39,842,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Virtu Financial LLC acquired a new stake in shares of Cirrus Logic in the third quarter valued at approximately $941,000. Westside Investment Management Inc. acquired a new stake in shares of Cirrus Logic in the 3rd quarter worth $35,000. Tidal Investments LLC raised its holdings in shares of Cirrus Logic by 118.7% during the 3rd quarter. Tidal Investments LLC now owns 14,767 shares of the semiconductor company's stock worth $1,834,000 after acquiring an additional 8,016 shares during the period. Franklin Resources Inc. grew its holdings in shares of Cirrus Logic by 60.1% in the third quarter. Franklin Resources Inc. now owns 167,258 shares of the semiconductor company's stock valued at $20,625,000 after purchasing an additional 62,757 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Cirrus Logic by 30.4% during the third quarter. JPMorgan Chase & Co. now owns 296,357 shares of the semiconductor company's stock worth $36,811,000 after purchasing an additional 69,006 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Stock Up 2.8 %

NASDAQ CRUS traded up $2.66 on Friday, reaching $98.20. The stock had a trading volume of 420,127 shares, compared to its average volume of 625,626. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46. The stock has a fifty day moving average price of $95.38 and a two-hundred day moving average price of $102.27. The firm has a market capitalization of $5.22 billion, a price-to-earnings ratio of 17.82 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. Sell-side analysts forecast that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

CRUS has been the subject of several analyst reports. Benchmark reissued a "buy" rating and issued a $125.00 price target on shares of Cirrus Logic in a research note on Wednesday, March 19th. Stifel Nicolaus cut their target price on Cirrus Logic from $140.00 to $112.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Finally, Barclays reduced their target price on Cirrus Logic from $115.00 to $80.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Cirrus Logic currently has a consensus rating of "Moderate Buy" and an average price target of $123.86.

Insider Activity

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $100.00, for a total value of $205,100.00. Following the sale, the executive vice president now owns 8,330 shares of the company's stock, valued at $833,000. This trade represents a 19.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.02% of the company's stock.

Cirrus Logic Company Profile

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 amplifiers; 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 integrated digital signal processing; 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 for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.