Cirrus Logic, Inc. $CRUS Shares Sold by Meeder Asset Management Inc.

Meeder Asset Management Inc. lowered its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 96.6% in the first quarter, HoldingsChannel reports. The firm owned 512 shares of the semiconductor company’s stock after selling 14,729 shares during the period. Meeder Asset Management Inc.’s holdings in Cirrus Logic were worth $74,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRUS. Norges Bank acquired a new position in Cirrus Logic in the 4th quarter valued at about $69,674,000. Invesco Ltd. increased its holdings in shares of Cirrus Logic by 133.6% during the 4th quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock worth $76,136,000 after buying an additional 367,488 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Cirrus Logic by 546.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock worth $46,005,000 after buying an additional 328,159 shares during the last quarter. Defiance ETFs LLC purchased a new stake in shares of Cirrus Logic during the 4th quarter valued at approximately $38,050,000. Finally, Allianz Asset Management GmbH raised its position in shares of Cirrus Logic by 33.5% during the 4th quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock valued at $127,224,000 after buying an additional 269,391 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $139.49 on Thursday. The firm’s 50 day moving average price is $157.51 and its 200-day moving average price is $148.41. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42. The firm has a market cap of $7.04 billion, a P/E ratio of 17.79 and a beta of 1.17.

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

Analyst Upgrades and Downgrades

CRUS has been the topic of a number of recent analyst reports. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Barclays raised their target price on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a research note on Thursday, May 7th. Finally, KeyCorp lowered their price target on Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus price target of $160.29.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Andrew Brannan sold 6,464 shares of the business’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the sale, the executive vice president owned 7,203 shares in the company, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $166.50, for a total value of $333,000.00. Following the transaction, the executive vice president directly owned 4,537 shares in the company, valued at approximately $755,410.50. The trade was a 30.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 22,299 shares of company stock valued at $3,581,647. Corporate insiders own 1.20% of the company’s stock.

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.