Vestcor Inc Cuts Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Vestcor Inc lessened its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 36.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,469 shares of the semiconductor company's stock after selling 3,773 shares during the quarter. Vestcor Inc's holdings in Cirrus Logic were worth $644,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CRUS. Allianz Asset Management GmbH increased its holdings in 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 worth $104,049,000 after purchasing an additional 604,431 shares during the period. Pacer Advisors Inc. increased its holdings in Cirrus Logic by 44.0% during the 4th quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company's stock worth $126,247,000 after purchasing an additional 387,346 shares during the period. Jupiter Asset Management Ltd. increased its holdings in 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 worth $24,893,000 after purchasing an additional 246,775 shares during the period. FMR LLC increased its holdings 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 period. Finally, Allspring Global Investments Holdings LLC increased its holdings 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 purchasing an additional 178,469 shares during the period. Hedge funds and other institutional investors own 87.96% of the company's stock.

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Wall Street Analyst Weigh In

Several equities research analysts have weighed in on CRUS shares. Benchmark restated a "buy" rating and set a $125.00 price target on shares of Cirrus Logic in a report on Wednesday. Barclays upped their price objective on Cirrus Logic from $105.00 to $115.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. Finally, StockNews.com raised Cirrus Logic from a "hold" rating to a "buy" rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $132.86.

Insiders Place Their Bets

In other 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 transaction of $205,100.00. Following the completion of the transaction, the executive vice president now directly owns 8,330 shares of the company's stock, valued at approximately $833,000. This represents a 19.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.02% of the stock is owned by insiders.

Cirrus Logic Trading Down 1.2 %

Shares of NASDAQ CRUS traded down $1.18 during trading hours on Thursday, reaching $99.87. The stock had a trading volume of 402,267 shares, compared to its average volume of 565,104. The firm has a market cap of $5.31 billion, a price-to-earnings ratio of 18.13 and a beta of 0.89. Cirrus Logic, Inc. has a fifty-two week low of $81.30 and a fifty-two week high of $147.46. The firm has a 50-day moving average of $103.48 and a 200-day moving average of $110.09.

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