Woodline Partners LP trimmed its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS – Get Rating) by 29.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 203,576 shares of the semiconductor company's stock after selling 84,815 shares during the quarter. Woodline Partners LP owned approximately 0.36% of Cirrus Logic worth $17,261,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. C M Bidwell & Associates Ltd. acquired a new position in shares of Cirrus Logic in the first quarter worth $40,000. Nisa Investment Advisors LLC increased its stake in Cirrus Logic by 500.0% in the first quarter. Nisa Investment Advisors LLC now owns 480 shares of the semiconductor company's stock valued at $41,000 after purchasing an additional 400 shares during the last quarter. Covestor Ltd acquired a new position in Cirrus Logic in the fourth quarter valued at $59,000. Edmond DE Rothschild Holding S.A. increased its stake in Cirrus Logic by 81.9% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 862 shares of the semiconductor company's stock valued at $73,000 after purchasing an additional 388 shares during the last quarter. Finally, Signaturefd LLC increased its stake in Cirrus Logic by 17.2% in the first quarter. Signaturefd LLC now owns 941 shares of the semiconductor company's stock valued at $80,000 after purchasing an additional 138 shares during the last quarter. 88.12% of the stock is owned by institutional investors and hedge funds.
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Insider Transactions at Cirrus Logic
In other news, VP Carl Jackson Alberty sold 1,823 shares of the company's stock in a transaction dated Thursday, August 4th. The stock was sold at an average price of $88.24, for a total value of $160,861.52. Following the completion of the sale, the vice president now owns 33,014 shares of the company's stock, valued at $2,913,155.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Carl Jackson Alberty sold 1,823 shares of the stock in a transaction dated Thursday, August 4th. The stock was 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 owns 33,014 shares of the company's stock, valued at $2,913,155.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction dated Monday, August 8th. The shares were 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 disclosure for this sale can be found here. Company insiders own 0.89% of the company's stock.
Analyst Ratings Changes
Several equities analysts recently commented on the company. Bank of America dropped their target price on Cirrus Logic from $85.00 to $80.00 and set an "underperform" rating for the company in a research note on Wednesday, June 29th. Needham & Company LLC upped their target price on Cirrus Logic from $85.00 to $97.00 and gave the company a "buy" rating in a research note on Wednesday, August 3rd. Barclays dropped their price target on Cirrus Logic from $120.00 to $105.00 and set an "overweight" rating for the company in a research note on Monday, July 25th. Susquehanna Bancshares dropped their price target on Cirrus Logic to $110.00 in a research note on Monday, July 25th. Finally, Cowen upped their price target on Cirrus Logic to $100.00 in a research note on Tuesday, August 9th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $102.60.
Cirrus Logic Price Performance
Shares of NASDAQ CRUS opened at $75.43 on Monday. Cirrus Logic, Inc. has a 1-year low of $67.03 and a 1-year high of $95.84. The business has a 50-day moving average of $79.65 and a 200-day moving average of $79.44. The company has a market capitalization of $4.22 billion, a price-to-earnings ratio of 12.74, a PEG ratio of 5.90 and a beta of 0.99.
Cirrus Logic declared that its Board of Directors has approved a share repurchase plan on Tuesday, August 2nd that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the semiconductor company to reacquire up to 10.7% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its stock is undervalued.
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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