Handelsbanken Fonder AB lowered its stake in Cirrus Logic, Inc. (NASDAQ:CRUS – Get Rating) by 12.8% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 9,495 shares of the semiconductor company's stock after selling 1,400 shares during the quarter. Handelsbanken Fonder AB's holdings in Cirrus Logic were worth $805,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA grew its stake in Cirrus Logic by 5.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 30,755 shares of the semiconductor company's stock valued at $2,608,000 after acquiring an additional 1,471 shares during the period. Skandinaviska Enskilda Banken AB publ grew its stake in Cirrus Logic by 568.4% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 12,700 shares of the semiconductor company's stock valued at $1,077,000 after acquiring an additional 10,800 shares during the period. Systematic Alpha Investments LLC acquired a new stake in Cirrus Logic in the 1st quarter valued at $500,000. Mercer Global Advisors Inc. ADV grew its stake in Cirrus Logic by 15.1% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 4,093 shares of the semiconductor company's stock valued at $347,000 after acquiring an additional 536 shares during the period. Finally, Van ECK Associates Corp grew its stake in Cirrus Logic by 15.9% in the 1st quarter. Van ECK Associates Corp now owns 1,450 shares of the semiconductor company's stock valued at $123,000 after acquiring an additional 199 shares during the period. Institutional investors and hedge funds own 86.74% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on CRUS. Bank of America decreased their price objective on Cirrus Logic from $85.00 to $80.00 and set an "underperform" rating on the stock in a report on Wednesday, June 29th. Barclays decreased their price objective on Cirrus Logic from $120.00 to $105.00 and set an "overweight" rating on the stock in a report on Monday, July 25th. Cowen raised their price objective on Cirrus Logic from $90.00 to $100.00 in a report on Wednesday, August 3rd. Stifel Nicolaus raised their price objective on Cirrus Logic from $112.00 to $120.00 in a report on Wednesday, May 4th. Finally, Needham & Company LLC raised their price objective on Cirrus Logic from $85.00 to $97.00 and gave the company a "buy" rating in a report on Wednesday, August 3rd. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Cirrus Logic has an average rating of "Moderate Buy" and a consensus target price of $102.60.

Cirrus Logic Trading Down 2.3 %

Cirrus Logic declared that its board has authorized a stock repurchase plan on Tuesday, August 2nd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the semiconductor company to repurchase up to 10.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $84.74, for a total value of $84,740.00. Following the completion of the transaction, the director now directly owns 18,875 shares of the company's stock, valued at approximately $1,599,467.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $84.74, for a total value of $84,740.00. Following the completion of the transaction, the director now directly owns 18,875 shares of the company's stock, valued at approximately $1,599,467.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Carl Jackson Alberty sold 1,823 shares of Cirrus Logic stock in a transaction dated Thursday, August 4th. The shares were sold at an average price of $88.24, for a total value of $160,861.52. Following the completion of the transaction, the vice president now directly owns 33,014 shares of the company's stock, valued at $2,913,155.36. The disclosure for this sale can be found here. Corporate insiders own 0.89% of the company's stock.

About Cirrus Logic

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Cirrus Logic, Inc, a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including 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 digital signal processer; boosted amplifiers; 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, hearing augmentation, and active noise cancellation.

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