Raymond James Financial Inc. Invests $5.23 Million in Cirrus Logic, Inc. (NASDAQ:CRUS)

Raymond James Financial Inc. purchased a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) during the 4th quarter, HoldingsChannel reports. The fund purchased 52,469 shares of the semiconductor company’s stock, valued at approximately $5,225,000.

Other large investors have also recently bought and sold shares of the company. Allianz Asset Management GmbH increased its holdings in shares of Cirrus Logic by 137.2% during the fourth quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company’s stock worth $104,049,000 after buying an additional 604,431 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Cirrus Logic by 44.0% during the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock valued at $126,247,000 after purchasing an additional 387,346 shares in the last quarter. FMR LLC boosted its stake in Cirrus Logic by 6.3% in the third quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company’s stock worth $456,862,000 after purchasing an additional 217,404 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Cirrus Logic by 443.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 218,709 shares of the semiconductor company’s stock worth $21,742,000 after purchasing an additional 178,469 shares during the last quarter. Finally, Burney Co. increased its stake in shares of Cirrus Logic by 1,205.3% in the fourth quarter. Burney Co. now owns 154,247 shares of the semiconductor company’s stock valued at $15,360,000 after buying an additional 142,430 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 2,051 shares of Cirrus Logic stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $100.00, for a total transaction of $205,100.00. Following the transaction, the executive vice president now directly owns 8,330 shares in the company, valued at approximately $833,000. The trade was a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.02% of the stock is owned by insiders.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $102.66 on Wednesday. The firm’s 50 day moving average price is $103.43 and its two-hundred day moving average price is $108.84. The stock has a market cap of $5.46 billion, a PE ratio of 18.63 and a beta of 0.89. Cirrus Logic, Inc. has a 52-week low of $81.30 and a 52-week high of $147.46.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Barclays raised their price objective on shares of Cirrus Logic from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. Benchmark reissued a “buy” rating and issued a $125.00 price target on shares of Cirrus Logic in a report on Wednesday, March 19th. Finally, StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $132.86.

Cirrus Logic 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.