First Trust Advisors LP Sells 18,986 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

First Trust Advisors LP decreased its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 7.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 220,254 shares of the semiconductor company's stock after selling 18,986 shares during the period. First Trust Advisors LP owned about 0.41% of Cirrus Logic worth $21,933,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. Allianz Asset Management GmbH grew its holdings in shares of Cirrus Logic by 137.2% during the 4th quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company's stock valued at $104,049,000 after purchasing an additional 604,431 shares during the last quarter. Norges Bank acquired a new position in shares of Cirrus Logic during the fourth quarter worth $58,723,000. Pacer Advisors Inc. lifted its stake in shares of Cirrus Logic by 44.0% in the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company's stock valued at $126,247,000 after acquiring an additional 387,346 shares during the last quarter. Jupiter Asset Management Ltd. boosted its holdings in shares of Cirrus Logic by 7,706.9% during the 4th quarter. Jupiter Asset Management Ltd. now owns 249,977 shares of the semiconductor company's stock valued at $24,893,000 after acquiring an additional 246,775 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Cirrus Logic by 443.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 218,709 shares of the semiconductor company's stock worth $21,742,000 after acquiring an additional 178,469 shares during the last quarter. 87.96% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the 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 transaction, the executive vice president now 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.02% of the stock is currently owned by insiders.

Cirrus Logic Stock Performance

Shares of NASDAQ CRUS traded down $0.12 during midday trading on Tuesday, reaching $93.55. The stock had a trading volume of 361,978 shares, compared to its average volume of 624,526. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46. The company's 50 day moving average price is $96.09 and its 200 day moving average price is $102.69. The firm has a market cap of $4.97 billion, a price-to-earnings ratio of 16.98 and a beta of 0.95.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CRUS shares. Barclays cut their price target on Cirrus Logic from $115.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 22nd. Stifel Nicolaus reduced their target price on shares of Cirrus Logic from $140.00 to $112.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Finally, Benchmark reaffirmed a "buy" rating and set a $125.00 price target 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 assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $123.86.

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.