Wells Fargo & Company MN Has $7.52 Million Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Wells Fargo & Company MN reduced its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 5.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 75,479 shares of the semiconductor company's stock after selling 4,320 shares during the quarter. Wells Fargo & Company MN owned 0.14% of Cirrus Logic worth $7,516,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its position in shares of Cirrus Logic by 77.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 48,060 shares of the semiconductor company's stock valued at $4,786,000 after acquiring an additional 21,022 shares in the last quarter. Trexquant Investment LP raised its stake in Cirrus Logic by 383.6% during the fourth quarter. Trexquant Investment LP now owns 144,303 shares of the semiconductor company's stock worth $14,370,000 after acquiring an additional 114,465 shares during the period. May Hill Capital LLC bought a new position in Cirrus Logic in the fourth quarter worth about $210,000. Headlands Technologies LLC acquired a new position in Cirrus Logic in the fourth quarter valued at approximately $39,000. Finally, Geode Capital Management LLC grew its holdings in shares of Cirrus Logic by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 1,171,483 shares of the semiconductor company's stock valued at $116,684,000 after purchasing an additional 33,204 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CRUS. Barclays reduced their price objective on Cirrus Logic from $115.00 to $80.00 and set an "equal weight" rating for the company in a research report on Tuesday. Benchmark restated a "buy" rating and set a $125.00 price target on shares of Cirrus Logic in a research report on Wednesday, March 19th. Finally, Stifel Nicolaus cut their price objective on shares of Cirrus Logic from $140.00 to $112.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $123.86.

Cirrus Logic Stock Performance

Shares of NASDAQ:CRUS traded up $2.92 during trading on Thursday, reaching $91.68. The company had a trading volume of 154,715 shares, compared to its average volume of 716,379. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46. The firm has a market capitalization of $4.87 billion, a PE ratio of 16.63 and a beta of 0.95. The firm's fifty day moving average is $97.49 and its 200 day moving average is $103.52.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share (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 predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $100.00, for a total transaction of $205,100.00. Following the completion of the sale, the executive vice president now directly owns 8,330 shares in the company, valued at approximately $833,000. This trade represents a 19.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.02% of the stock is owned by corporate insiders.

Cirrus Logic 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.