Principal Financial Group Inc. Cuts Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Principal Financial Group Inc. trimmed its stake in shares of 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 and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CRUS. Pacer Advisors Inc. raised its holdings in Cirrus Logic by 8,183.4% in the 2nd 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 increased its holdings in 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 purchasing an additional 486,086 shares during the period. FMR LLC raised its position in Cirrus Logic by 6.3% during the 3rd quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company's stock worth $456,862,000 after purchasing an additional 217,404 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec bought a new stake in shares of Cirrus Logic in the 3rd quarter valued at about $16,340,000. Finally, Charles Schwab Investment Management Inc. increased its stake 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 period. Institutional investors own 87.96% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CRUS. StockNews.com upgraded Cirrus Logic from a "hold" rating to a "buy" rating in a report on Tuesday, December 3rd. Stifel Nicolaus decreased their price objective on shares of Cirrus Logic from $165.00 to $140.00 and set a "buy" rating for the company in a research report on Tuesday, November 5th. Loop Capital assumed coverage on shares of Cirrus Logic in a research report on Tuesday, November 12th. They set a "buy" rating and a $130.00 price target on the stock. 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 note on Tuesday, November 5th. Finally, Susquehanna raised their target price on Cirrus Logic from $135.00 to $140.00 and gave the stock a "positive" rating in a research note on Monday, November 18th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $132.50.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS traded down $1.61 during trading on Friday, reaching $101.87. 276,666 shares of the stock were exchanged, compared to its average volume of 528,317. Cirrus Logic, Inc. has a 1-year low of $75.92 and a 1-year high of $147.46. The stock has a fifty day moving average of $106.94 and a two-hundred day moving average of $121.80. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of 17.27 and a beta of 0.93.

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

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.