Allspring Global Investments Holdings LLC Reduces Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Allspring Global Investments Holdings LLC lowered its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 15.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 184,373 shares of the semiconductor company’s stock after selling 34,336 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.35% of Cirrus Logic worth $18,406,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Castlekeep Investment Advisors LLC bought a new position in Cirrus Logic in the fourth quarter worth approximately $170,796,000. Norges Bank purchased a new stake in shares of Cirrus Logic during the fourth quarter valued at about $58,723,000. Deutsche Bank AG lifted its position in Cirrus Logic by 139.4% during the fourth quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company’s stock valued at $58,427,000 after acquiring an additional 341,615 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in shares of Cirrus Logic by 228.8% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 432,495 shares of the semiconductor company’s stock worth $43,068,000 after purchasing an additional 300,942 shares in the last quarter. Finally, Jupiter Asset Management Ltd. increased its position in Cirrus Logic by 7,706.9% during the 4th quarter. Jupiter Asset Management Ltd. now owns 249,977 shares of the semiconductor company’s stock valued at $24,893,000 after buying an additional 246,775 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Insider Buying and Selling

In other Cirrus Logic news, EVP Carl Jackson Alberty sold 2,000 shares of the business’s stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the executive vice president directly owned 41,645 shares in the company, valued at $4,164,500. The trade was a 4.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total value of $105,620.00. Following the completion of the sale, the director owned 20,907 shares in the company, valued at $2,208,197.34. This represents a 4.56% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,000 shares of company stock worth $1,305,620. Insiders own 1.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a research note on Wednesday, May 7th. Benchmark reissued a “buy” rating and set a $125.00 price target on shares of Cirrus Logic in a research report on Wednesday, March 19th. Wall Street Zen lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 5th. Finally, Barclays boosted their price target on Cirrus Logic from $80.00 to $90.00 and gave the company an “equal weight” rating in a report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $128.33.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $109.42 on Thursday. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The company has a market cap of $5.61 billion, a price-to-earnings ratio of 18.21 and a beta of 0.95. The stock has a 50 day simple moving average of $101.93 and a 200-day simple moving average of $100.48.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.52. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The business had revenue of $424.46 million for the quarter, compared to analyst estimates of $380.26 million. During the same quarter last year, the business earned $1.24 earnings per share. The company’s revenue for the quarter was up 14.2% compared to the same quarter last year. Analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic declared that its board has initiated a stock buyback program on Tuesday, May 6th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 9.6% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

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.