New York State Common Retirement Fund Trims Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

New York State Common Retirement Fund trimmed its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 10.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,458 shares of the semiconductor company’s stock after selling 3,500 shares during the period. New York State Common Retirement Fund owned approximately 0.06% of Cirrus Logic worth $2,933,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in Cirrus Logic by 21.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company’s stock valued at $89,527,000 after buying an additional 129,457 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Cirrus Logic by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,138,279 shares of the semiconductor company’s stock valued at $141,414,000 after acquiring an additional 50,582 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Cirrus Logic by 30.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 296,357 shares of the semiconductor company’s stock valued at $36,811,000 after purchasing an additional 69,006 shares in the last quarter. Sheaff Brock Investment Advisors LLC acquired a new position in Cirrus Logic in the 3rd quarter worth about $1,752,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in Cirrus Logic during the third quarter worth approximately $2,543,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Stifel Nicolaus reduced their price objective on shares of Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Benchmark raised shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Wednesday, February 5th. Susquehanna raised their price target on shares of Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a research note on Monday, November 18th. Loop Capital initiated coverage on Cirrus Logic in a report on Tuesday, November 12th. They issued a “buy” rating and a $130.00 price objective on the stock. Finally, StockNews.com raised Cirrus Logic from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $132.86.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 2,051 shares of Cirrus Logic stock in a transaction dated 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 transaction, the executive vice president now owns 8,330 shares in the company, valued at approximately $833,000. The trade was a 19.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.02% of the stock is currently owned by company insiders.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $104.21 on Friday. The company has a market capitalization of $5.54 billion, a P/E ratio of 18.91 and a beta of 0.91. Cirrus Logic, Inc. has a fifty-two week low of $81.30 and a fifty-two week high of $147.46. The stock has a 50-day simple moving average of $103.45 and a 200-day simple moving average of $113.70.

Cirrus Logic (NASDAQ:CRUS) last released 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 return on equity of 16.60% and a net margin of 16.55%. As a group, analysts forecast that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

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.