Cirrus Logic, Inc. (NASDAQ:CRUS) Stock Position Reduced by State of Alaska Department of Revenue

State of Alaska Department of Revenue trimmed its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 0.3% in the fourth quarter, Holdings Channel.com reports. The fund owned 55,687 shares of the semiconductor company’s stock after selling 185 shares during the period. State of Alaska Department of Revenue’s holdings in Cirrus Logic were worth $5,544,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Huntington National Bank boosted its holdings in Cirrus Logic by 10,500.0% in the third quarter. Huntington National Bank now owns 212 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 210 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of Cirrus Logic by 98.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company’s stock worth $30,000 after buying an additional 120 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in shares of Cirrus Logic in the 3rd quarter valued at about $31,000. Westside Investment Management Inc. bought a new stake in shares of Cirrus Logic during the 3rd quarter valued at about $35,000. Finally, Sound Income Strategies LLC acquired a new stake in Cirrus Logic during the fourth quarter worth about $46,000. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Stock Up 2.3 %

Shares of NASDAQ CRUS opened at $106.77 on Friday. The stock has a market cap of $5.67 billion, a P/E ratio of 18.10 and a beta of 0.91. The firm’s 50-day simple moving average is $102.54 and its 200 day simple moving average is $115.86. Cirrus Logic, Inc. has a fifty-two week low of $81.30 and a fifty-two week high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing analysts’ consensus estimates of $2.36 by ($0.21). Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. On average, sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $100.00, for a total value of $205,100.00. Following the sale, the executive vice president now directly owns 8,330 shares in the company, valued at approximately $833,000. The trade was a 19.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.02% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CRUS shares. Susquehanna lifted their target price on Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a research note on Monday, November 18th. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Benchmark raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Wednesday. Loop Capital assumed coverage on shares of Cirrus Logic in a report on Tuesday, November 12th. They set a “buy” rating and a $130.00 price target for the company. Finally, Stifel Nicolaus dropped their price objective on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Cirrus Logic has a consensus rating of “Moderate Buy” and an average target price of $132.86.

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.