Principal Financial Group Inc. Has $16.47 Million Holdings in Cirrus Logic, Inc. $CRUS

Principal Financial Group Inc. boosted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 3.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 113,897 shares of the semiconductor company’s stock after purchasing an additional 4,113 shares during the period. Principal Financial Group Inc.’s holdings in Cirrus Logic were worth $16,472,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Cirrus Logic by 7,333.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 220 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at approximately $33,000. Torren Management LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at approximately $35,000. Kestra Advisory Services LLC bought a new stake in Cirrus Logic in the 4th quarter valued at approximately $36,000. Finally, CIBC Private Wealth Group LLC lifted its stake in Cirrus Logic by 29.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 88 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Insider Transactions at Cirrus Logic

In other news, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the transaction, the executive vice president owned 7,203 shares of the company’s stock, valued at $1,042,346.13. This trade represents a 47.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total transaction of $159,000.00. Following the completion of the transaction, the director directly owned 20,531 shares of the company’s stock, valued at approximately $3,264,429. This trade represents a 4.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 22,299 shares of company stock valued at $3,581,647. 1.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Zacks Research downgraded Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. KeyCorp reduced their target price on shares of Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Finally, Barclays raised their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $160.29.

Cirrus Logic Stock Up 0.1%

NASDAQ:CRUS opened at $139.49 on Thursday. The firm has a market capitalization of $7.04 billion, a price-to-earnings ratio of 17.79 and a beta of 1.17. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $180.42. The stock’s 50 day moving average price is $157.51 and its two-hundred day moving average price is $148.41.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The company had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.25 million. During the same quarter in the prior year, the firm posted $1.67 EPS. The firm’s revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, analysts anticipate that Cirrus Logic, Inc. will post 7.86 earnings per share for the current year.

Cirrus Logic Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.