Alliancebernstein L.P. Has $8.64 Million Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Alliancebernstein L.P. cut its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 52.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 86,728 shares of the semiconductor company's stock after selling 94,910 shares during the period. Alliancebernstein L.P. owned approximately 0.16% of Cirrus Logic worth $8,636,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Captrust Financial Advisors boosted its stake in Cirrus Logic by 5.3% in the 3rd quarter. Captrust Financial Advisors now owns 2,838 shares of the semiconductor company's stock worth $353,000 after purchasing an additional 142 shares during the period. Kovitz Investment Group Partners LLC grew its stake in Cirrus Logic by 16.6% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 3,752 shares of the semiconductor company's stock valued at $425,000 after acquiring an additional 535 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of Cirrus Logic in the third quarter worth approximately $243,000. National Bank of Canada FI purchased a new position in Cirrus Logic during the third quarter valued at approximately $186,000. Finally, MML Investors Services LLC grew its holdings in shares of Cirrus Logic by 5.4% during the 3rd quarter. MML Investors Services LLC now owns 4,119 shares of the semiconductor company's stock valued at $512,000 after acquiring an additional 212 shares in the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $100.00, for a total transaction of $205,100.00. Following the transaction, the executive vice president now directly owns 8,330 shares in the company, valued at approximately $833,000. This represents a 19.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.02% of the stock is currently owned by corporate insiders.

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Cirrus Logic Price Performance

Shares of Cirrus Logic stock traded down $1.20 during trading on Wednesday, hitting $85.75. 35,709 shares of the company's stock traded hands, compared to its average volume of 614,488. The company has a market cap of $4.56 billion, a PE ratio of 15.57 and a beta of 0.95. The firm's fifty day moving average price is $99.82 and its 200 day moving average price is $104.83. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 EPS for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. As a group, equities research analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CRUS. Barclays lifted their target price on shares of Cirrus Logic from $105.00 to $115.00 and gave the company an "equal weight" rating in a research note on Wednesday, February 5th. Benchmark reissued a "buy" rating and issued 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 and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $132.86.

Cirrus Logic Company 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.