American International Group Inc. Lowers Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

American International Group Inc. lowered its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.0% during the first quarter, HoldingsChannel.com reports. The firm owned 71,394 shares of the semiconductor company’s stock after selling 1,421 shares during the period. American International Group Inc.’s holdings in Cirrus Logic were worth $6,608,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CRUS. Ontario Teachers Pension Plan Board raised its holdings in shares of Cirrus Logic by 132.5% during the first quarter. Ontario Teachers Pension Plan Board now owns 33,469 shares of the semiconductor company’s stock valued at $3,098,000 after acquiring an additional 19,073 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of Cirrus Logic by 68.6% during the first quarter. Acadian Asset Management LLC now owns 460,681 shares of the semiconductor company’s stock valued at $42,619,000 after acquiring an additional 187,438 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Cirrus Logic by 2.1% during the first quarter. Vanguard Group Inc. now owns 6,363,188 shares of the semiconductor company’s stock valued at $588,977,000 after acquiring an additional 128,393 shares during the last quarter. Intech Investment Management LLC raised its holdings in shares of Cirrus Logic by 43.4% during the first quarter. Intech Investment Management LLC now owns 3,690 shares of the semiconductor company’s stock valued at $342,000 after acquiring an additional 1,116 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of Cirrus Logic by 9.7% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 8,444 shares of the semiconductor company’s stock valued at $776,000 after acquiring an additional 746 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on CRUS. TD Cowen increased their target price on Cirrus Logic from $100.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. StockNews.com raised Cirrus Logic from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 17th. Stifel Nicolaus increased their target price on Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, July 18th. Barclays increased their price target on Cirrus Logic from $95.00 to $110.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Finally, Benchmark cut Cirrus Logic from a “buy” rating to a “hold” rating in a report on Thursday, May 16th. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $128.57.

Insider Transactions at Cirrus Logic

In other news, VP Carl Jackson Alberty sold 2,000 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $113.35, for a total transaction of $226,700.00. Following the completion of the transaction, the vice president now directly owns 38,507 shares of the company’s stock, valued at approximately $4,364,768.45. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $115.85, for a total transaction of $115,850.00. Following the completion of the transaction, the director now directly owns 19,332 shares of the company’s stock, valued at approximately $2,239,612.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Carl Jackson Alberty sold 2,000 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $113.35, for a total value of $226,700.00. Following the transaction, the vice president now directly owns 38,507 shares of the company’s stock, valued at $4,364,768.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,706 shares of company stock valued at $2,187,098. 1.02% of the stock is currently owned by corporate insiders.

Cirrus Logic Stock Down 2.4 %

CRUS stock opened at $126.81 on Friday. The stock has a market cap of $6.78 billion, a price-to-earnings ratio of 25.72 and a beta of 0.94. The business has a fifty day moving average of $125.10 and a two-hundred day moving average of $101.44. Cirrus Logic, Inc. has a 52-week low of $65.02 and a 52-week high of $142.83.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, May 7th. The semiconductor company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.48. The firm had revenue of $371.83 million during the quarter, compared to analyst estimates of $320.14 million. Cirrus Logic had a return on equity of 16.49% and a net margin of 15.35%. As a group, sell-side analysts anticipate that Cirrus Logic, Inc. will post 4.75 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.