Assenagon Asset Management S.A. Sells 48,246 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Assenagon Asset Management S.A. lowered its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 29.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 113,687 shares of the semiconductor company's stock after selling 48,246 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.21% of Cirrus Logic worth $14,121,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CRUS. V Square Quantitative Management LLC acquired a new position in Cirrus Logic during the 3rd quarter valued at approximately $31,000. Versant Capital Management Inc boosted its position in Cirrus Logic by 1,911.1% during the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company's stock valued at $46,000 after purchasing an additional 344 shares during the period. GAMMA Investing LLC boosted its position in Cirrus Logic by 79.5% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company's stock worth $61,000 after acquiring an additional 210 shares during the period. 1620 Investment Advisors Inc. acquired a new position in Cirrus Logic during the 2nd quarter worth $77,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in Cirrus Logic by 52.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company's stock worth $123,000 after acquiring an additional 329 shares during the period. Institutional investors and hedge funds own 87.96% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRUS. Stifel Nicolaus boosted their price target on Cirrus Logic from $110.00 to $165.00 and gave the stock a "buy" rating in a research report on Thursday, July 18th. Barclays lowered Cirrus Logic from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $140.00 to $120.00 in a research report on Thursday, October 10th. Susquehanna reduced their price target on Cirrus Logic from $175.00 to $160.00 and set a "positive" rating for the company in a research report on Monday, October 21st. StockNews.com lowered Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, October 9th. Finally, KeyCorp upped their price objective on Cirrus Logic from $155.00 to $165.00 and gave the company an "overweight" rating in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $137.50.

Insiders Place Their Bets

In other Cirrus Logic news, SVP Justin E. Dougherty sold 10,203 shares of the company's stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $131.71, for a total value of $1,343,837.13. Following the transaction, the senior vice president now directly owns 4,838 shares of the company's stock, valued at $637,212.98. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cirrus Logic news, VP Andrew Brannan sold 4,350 shares of the company's stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total value of $591,774.00. Following the transaction, the vice president now directly owns 4,004 shares of the company's stock, valued at $544,704.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Justin E. Dougherty sold 10,203 shares of the company's stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $131.71, for a total value of $1,343,837.13. Following the completion of the transaction, the senior vice president now directly owns 4,838 shares in the company, valued at approximately $637,212.98. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.02% of the company's stock.

Cirrus Logic Stock Performance

NASDAQ:CRUS traded up $1.52 during trading hours on Friday, hitting $122.22. 369,600 shares of the company's stock traded hands, compared to its average volume of 486,991. The firm has a market cap of $6.53 billion, a P/E ratio of 24.79 and a beta of 0.96. Cirrus Logic, Inc. has a twelve month low of $65.02 and a twelve month high of $147.46. The stock's fifty day moving average price is $128.88 and its two-hundred day moving average price is $120.91.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.50. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The company had revenue of $374.03 million for the quarter, compared to analyst estimates of $318.41 million. During the same period in the prior year, the firm posted $0.35 EPS. The business's revenue was up 18.0% compared to the same quarter last year. On average, equities research analysts predict that Cirrus Logic, Inc. will post 5.26 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.