Assenagon Asset Management S.A. Lowers Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Assenagon Asset Management S.A. cut its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 43.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 64,616 shares of the semiconductor company's stock after selling 49,071 shares during the period. Assenagon Asset Management S.A. owned about 0.12% of Cirrus Logic worth $6,434,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Huntington National Bank lifted its stake in Cirrus Logic by 10,500.0% during 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 last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Cirrus Logic by 98.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company's stock valued at $30,000 after buying an additional 120 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Cirrus Logic in the 3rd quarter worth approximately $31,000. Westside Investment Management Inc. purchased a new stake in Cirrus Logic in the third quarter worth approximately $35,000. Finally, GAMMA Investing LLC grew its position in Cirrus Logic by 81.2% during the third quarter. GAMMA Investing LLC now owns 859 shares of the semiconductor company's stock valued at $107,000 after acquiring an additional 385 shares during the last quarter. Institutional investors own 87.96% of the company's stock.

Cirrus Logic Price Performance

CRUS traded up $0.15 during midday trading on Monday, reaching $101.00. 667,285 shares of the company's stock traded hands, compared to its average volume of 549,335. Cirrus Logic, Inc. has a 52 week low of $75.92 and a 52 week high of $147.46. The firm has a fifty day moving average of $103.12 and a two-hundred day moving average of $119.20. The stock has a market capitalization of $5.37 billion, a price-to-earnings ratio of 17.12 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its earnings results on Monday, November 4th. The semiconductor company reported $2.25 EPS for the quarter, beating analysts' consensus estimates of $2.02 by $0.23. The company had revenue of $541.90 million during the quarter, compared to the consensus estimate of $520.53 million. Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. The firm's revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.43 earnings per share. Sell-side analysts forecast that Cirrus Logic, Inc. will post 5.21 EPS for the current year.

Analysts Set New Price Targets

CRUS has been the subject of a number of recent research reports. Loop Capital assumed coverage on shares of Cirrus Logic in a report on Tuesday, November 12th. They issued a "buy" rating and a $130.00 price objective for the company. Stifel Nicolaus lowered their price target on shares of Cirrus Logic from $165.00 to $140.00 and set a "buy" rating for the company in a research note on Tuesday, November 5th. Susquehanna raised their price objective on Cirrus Logic from $135.00 to $140.00 and gave the company a "positive" rating in a research note on Monday, November 18th. Barclays lowered their target price on Cirrus Logic from $120.00 to $105.00 and set an "equal weight" rating for the company in a research note on Tuesday, November 5th. Finally, StockNews.com upgraded Cirrus Logic from a "hold" rating to a "buy" rating in a research report on Tuesday, December 3rd. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Cirrus Logic presently has an average rating of "Moderate Buy" and an average target price of $132.50.

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.