Principal Financial Group Inc. Sells 55,948 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Principal Financial Group Inc. lessened its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 31.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 123,645 shares of the semiconductor company's stock after selling 55,948 shares during the quarter. Principal Financial Group Inc. owned approximately 0.23% of Cirrus Logic worth $15,358,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its holdings in Cirrus Logic by 98.4% in the third quarter. Nisa Investment Advisors LLC now owns 242 shares of the semiconductor company's stock worth $30,000 after purchasing an additional 120 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Cirrus Logic during the third quarter valued at approximately $31,000. Versant Capital Management Inc boosted its holdings in Cirrus Logic by 1,911.1% in the second quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company's stock worth $46,000 after acquiring an additional 344 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Cirrus Logic by 79.5% during the second quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company's stock valued at $61,000 after acquiring an additional 210 shares in the last quarter. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of Cirrus Logic in the 2nd quarter worth about $77,000. 87.96% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the stock. StockNews.com downgraded shares of Cirrus Logic from a "buy" rating to a "hold" rating in a research report on Wednesday, November 6th. KeyCorp boosted their price objective on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an "overweight" rating in a report on Wednesday, August 7th. Loop Capital started coverage on Cirrus Logic in a research note on Tuesday. They set a "buy" rating and a $130.00 target price on the stock. Susquehanna decreased their price target on Cirrus Logic from $160.00 to $135.00 and set a "positive" rating for the company in a research note on Tuesday, November 5th. Finally, Barclays dropped their price objective on Cirrus Logic from $120.00 to $105.00 and set an "equal weight" rating on the stock in a research report on Tuesday, November 5th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $131.67.

Cirrus Logic Price Performance

Shares of CRUS traded down $0.83 during trading hours on Friday, hitting $100.67. The stock had a trading volume of 796,859 shares, compared to its average volume of 516,020. Cirrus Logic, Inc. has a 12 month low of $74.80 and a 12 month high of $147.46. The stock has a fifty day moving average price of $118.87 and a 200 day moving average price of $122.88. The firm has a market capitalization of $5.35 billion, a PE ratio of 17.06 and a beta of 0.96.

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