Corebridge Financial Inc. Has $5.99 Million Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Corebridge Financial Inc. trimmed its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 4.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,134 shares of the semiconductor company's stock after selling 3,029 shares during the quarter. Corebridge Financial Inc. owned about 0.11% of Cirrus Logic worth $5,988,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in shares of Cirrus Logic by 4.7% in the third quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company's stock valued at $141,414,000 after acquiring an additional 50,582 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Cirrus Logic by 30.4% in the third quarter. JPMorgan Chase & Co. now owns 296,357 shares of the semiconductor company's stock valued at $36,811,000 after buying an additional 69,006 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Cirrus Logic during the third quarter valued at about $2,543,000. Burney Co. grew its holdings in Cirrus Logic by 1,205.3% during the fourth quarter. Burney Co. now owns 154,247 shares of the semiconductor company's stock worth $15,360,000 after acquiring an additional 142,430 shares during the period. Finally, KBC Group NV grew its holdings in Cirrus Logic by 52.5% during the fourth quarter. KBC Group NV now owns 1,896 shares of the semiconductor company's stock worth $189,000 after acquiring an additional 653 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.

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Cirrus Logic Price Performance

Cirrus Logic stock traded down $9.73 during midday trading on Thursday, reaching $88.85. The stock had a trading volume of 1,064,472 shares, compared to its average volume of 594,910. The firm's fifty day simple moving average is $103.16 and its two-hundred day simple moving average is $107.49. Cirrus Logic, Inc. has a twelve month low of $81.30 and a twelve month high of $147.46. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of 16.13 and a beta of 0.89.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share 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, sell-side analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Insider Transactions at Cirrus Logic

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total transaction of $205,100.00. Following the completion of the sale, the executive vice president now directly owns 8,330 shares in the company, valued at approximately $833,000. This trade represents a 19.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.02% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Benchmark restated a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a research report on Wednesday, March 19th. Barclays raised their target price on shares of Cirrus Logic from $105.00 to $115.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 5th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat, the stock presently 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.