Bank of New York Mellon Corp Increases Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Bank of New York Mellon Corp lifted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 1.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 479,812 shares of the semiconductor company’s stock after buying an additional 9,050 shares during the period. Bank of New York Mellon Corp owned about 0.90% of Cirrus Logic worth $47,780,000 as of its most recent SEC filing.

Several other institutional 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 valued at $104,049,000 after purchasing an additional 604,431 shares during the period. Pacer Advisors Inc. increased its stake in shares of Cirrus Logic by 44.0% during the fourth quarter. Pacer Advisors Inc. now owns 1,267,792 shares of the semiconductor company’s stock valued at $126,247,000 after purchasing an additional 387,346 shares in the last quarter. FMR LLC increased its stake in shares of Cirrus Logic by 6.3% during the third quarter. FMR LLC now owns 3,678,141 shares of the semiconductor company’s stock valued at $456,862,000 after purchasing an additional 217,404 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Cirrus Logic by 443.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 218,709 shares of the semiconductor company’s stock worth $21,742,000 after buying an additional 178,469 shares in the last quarter. Finally, Burney Co. lifted its stake in shares of Cirrus Logic by 1,205.3% in the fourth quarter. Burney Co. now owns 154,247 shares of the semiconductor company’s stock worth $15,360,000 after buying an additional 142,430 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRUS has been the subject of several research reports. Loop Capital initiated coverage on shares of Cirrus Logic in a research report on Tuesday, November 12th. They set a “buy” rating and a $130.00 price target for the company. Susquehanna raised their price target on Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a report on Monday, November 18th. Barclays boosted their target price on Cirrus Logic from $105.00 to $115.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 5th. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Finally, Benchmark raised shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Cirrus Logic presently has an average rating of “Moderate Buy” and a consensus price target of $132.86.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total value of $205,100.00. Following the sale, the executive vice president now owns 8,330 shares in the company, valued at approximately $833,000. This represents a 19.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.02% of the stock is owned by insiders.

Cirrus Logic Stock Up 2.2 %

NASDAQ:CRUS opened at $105.39 on Thursday. Cirrus Logic, Inc. has a 52 week low of $81.30 and a 52 week high of $147.46. The firm has a 50 day moving average of $103.45 and a 200 day moving average of $112.99. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of 19.13 and a beta of 0.89.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share for the quarter, missing the consensus estimate of $2.36 by ($0.21). Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. As a group, analysts expect 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.