Prudential Financial Inc. Lowers Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Prudential Financial Inc. reduced its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 46,382 shares of the semiconductor company’s stock after selling 1,399 shares during the quarter. Prudential Financial Inc.’s holdings in Cirrus Logic were worth $4,619,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CRUS. Allianz Asset Management GmbH grew 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 purchasing an additional 604,431 shares in the last quarter. Pacer Advisors Inc. grew its stake in Cirrus Logic by 44.0% in the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock worth $126,247,000 after buying an additional 387,346 shares in the last quarter. Jupiter Asset Management Ltd. increased its holdings in shares of Cirrus Logic by 7,706.9% in the 4th quarter. Jupiter Asset Management Ltd. now owns 249,977 shares of the semiconductor company’s stock worth $24,893,000 after buying an additional 246,775 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Cirrus Logic by 443.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 218,709 shares of the semiconductor company’s stock valued at $21,742,000 after buying an additional 178,469 shares in the last quarter. Finally, Burney Co. raised its position in shares of Cirrus Logic by 1,205.3% during the 4th 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. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Insider Activity

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total transaction of $205,100.00. Following the completion of the transaction, the executive vice president now owns 8,330 shares in the company, valued at $833,000. This represents a 19.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.02% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CRUS. Benchmark reissued a “buy” rating and issued a $125.00 target price on shares of Cirrus Logic in a research note on Wednesday, March 19th. Barclays increased their price objective on Cirrus Logic from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. 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 given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $132.86.

Cirrus Logic Price Performance

CRUS opened at $99.65 on Tuesday. The stock’s 50 day simple moving average is $103.45 and its 200 day simple moving average is $107.92. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of 18.09 and a beta of 0.89. Cirrus Logic, Inc. has a 1 year low of $81.30 and a 1 year high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 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%. As a group, sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

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 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.