Fmr LLC Reduces Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

FMR LLC cut its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 57.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,549,030 shares of the semiconductor company's stock after selling 2,129,111 shares during the period. FMR LLC owned about 2.91% of Cirrus Logic worth $154,252,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CRUS. Kohmann Bosshard Financial Services LLC purchased a new position in Cirrus Logic in the fourth quarter valued at $28,000. Westside Investment Management Inc. acquired a new position in shares of Cirrus Logic during the 3rd quarter worth about $35,000. Headlands Technologies LLC purchased a new position in shares of Cirrus Logic in the 4th quarter valued at about $39,000. Sound Income Strategies LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth about $46,000. Finally, R Squared Ltd purchased a new stake in Cirrus Logic during the fourth quarter worth approximately $47,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Barclays raised their price objective 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. Benchmark restated a "buy" rating and issued a $125.00 price objective on shares of Cirrus Logic in a research note on Wednesday, March 19th. Finally, Stifel Nicolaus dropped their price objective on Cirrus Logic from $140.00 to $112.00 and set a "buy" rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Cirrus Logic presently has an average rating of "Moderate Buy" and an average price target of $128.86.

Insider Activity

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of Cirrus Logic stock in a transaction that occurred on Monday, February 3rd. The stock was 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 $833,000. The trade was a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 1.02% of the company's stock.

Cirrus Logic Stock Up 0.1 %

CRUS stock traded up $0.06 during trading on Friday, hitting $85.58. The company had a trading volume of 519,758 shares, compared to its average volume of 618,592. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The firm has a 50-day moving average price of $99.02 and a 200-day moving average price of $104.43. The firm has a market cap of $4.55 billion, a PE ratio of 15.53 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released 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 return on equity of 16.60% and a net margin of 16.55%. Sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

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.