Nuveen Asset Management LLC Sells 44,604 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Nuveen Asset Management LLC lowered its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 15.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 247,913 shares of the semiconductor company’s stock after selling 44,604 shares during the quarter. Nuveen Asset Management LLC’s holdings in Cirrus Logic were worth $24,687,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Arizona State Retirement System raised its position in Cirrus Logic by 0.7% during the fourth quarter. Arizona State Retirement System now owns 15,492 shares of the semiconductor company’s stock valued at $1,543,000 after purchasing an additional 101 shares in the last quarter. Truvestments Capital LLC increased its position in shares of Cirrus Logic by 3.5% during the 4th quarter. Truvestments Capital LLC now owns 3,981 shares of the semiconductor company’s stock valued at $396,000 after purchasing an additional 133 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Cirrus Logic by 17.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,057 shares of the semiconductor company’s stock valued at $105,000 after purchasing an additional 155 shares during the last quarter. Covestor Ltd raised its holdings in shares of Cirrus Logic by 21.5% during the 4th quarter. Covestor Ltd now owns 1,057 shares of the semiconductor company’s stock valued at $106,000 after buying an additional 187 shares in the last quarter. Finally, Bartlett & CO. Wealth Management LLC lifted its position in Cirrus Logic by 40.0% in the 4th quarter. Bartlett & CO. Wealth Management LLC now owns 700 shares of the semiconductor company’s stock worth $70,000 after buying an additional 200 shares during the last quarter. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Stock Down 2.0%

Shares of CRUS opened at $102.18 on Friday. The firm has a fifty day simple moving average of $95.41 and a two-hundred day simple moving average of $100.70. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46. The stock has a market capitalization of $5.43 billion, a P/E ratio of 18.54 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.52. The business had revenue of $424.46 million during the quarter, compared to analysts’ expectations of $380.26 million. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The business’s revenue was up 14.2% on a year-over-year basis. During the same quarter last year, the business posted $1.24 EPS. Sell-side analysts expect that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic announced that its Board of Directors has authorized a stock buyback program on Tuesday, May 6th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRUS. Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a research report on Wednesday, May 7th. Wall Street Zen upgraded shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating in a research report on Tuesday. Barclays boosted their price target on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 7th. Finally, Benchmark reaffirmed a “buy” rating and set a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $128.33.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total transaction of $105,620.00. Following the transaction, the director now owns 20,907 shares in the company, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.02% of the company’s stock.

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.