Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP trimmed its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 2.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,577,846 shares of the semiconductor company's stock after selling 40,191 shares during the period. Wellington Management Group LLP owned 2.97% of Cirrus Logic worth $195,984,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CRUS. Pacer Advisors Inc. raised its position in shares of Cirrus Logic by 8,183.4% in the second quarter. Pacer Advisors Inc. now owns 665,320 shares of the semiconductor company's stock valued at $84,935,000 after buying an additional 657,288 shares during the last quarter. LSV Asset Management raised its position in shares of Cirrus Logic by 34.6% in the second quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company's stock valued at $241,340,000 after buying an additional 486,086 shares during the last quarter. FMR LLC raised its position in shares of Cirrus Logic by 6.3% in the third quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company's stock valued at $456,862,000 after buying an additional 217,404 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec acquired a new stake in shares of Cirrus Logic in the third quarter valued at about $16,340,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Cirrus Logic by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company's stock valued at $89,527,000 after buying an additional 129,457 shares during the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Price Performance

Shares of NASDAQ CRUS traded up $0.87 during midday trading on Monday, hitting $105.31. The company's stock had a trading volume of 428,579 shares, compared to its average volume of 522,055. The business's fifty day simple moving average is $112.20 and its two-hundred day simple moving average is $123.18. Cirrus Logic, Inc. has a 1 year low of $75.92 and a 1 year high of $147.46. The firm has a market capitalization of $5.60 billion, a price-to-earnings ratio of 17.70 and a beta of 0.93.

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

Wall Street Analyst Weigh In

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

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.