Principal Financial Group Inc. Purchases 4,113 Shares of Cirrus Logic, Inc. $CRUS

Principal Financial Group Inc. raised its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 3.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 113,897 shares of the semiconductor company’s stock after purchasing an additional 4,113 shares during the period. Principal Financial Group Inc. owned 0.22% of Cirrus Logic worth $16,472,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CRUS. Caitong International Asset Management Co. Ltd lifted its holdings in Cirrus Logic by 7,333.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 220 shares during the period. Kohmann Bosshard Financial Services LLC bought a new position in Cirrus Logic in the fourth quarter valued at approximately $33,000. Torren Management LLC acquired a new stake in Cirrus Logic during the 4th quarter worth $35,000. Kestra Advisory Services LLC acquired a new stake in Cirrus Logic during the 4th quarter worth $36,000. Finally, CIBC Private Wealth Group LLC raised its position in shares of Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 88 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CRUS shares. Barclays increased their price target on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Zacks Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. KeyCorp reduced their target price on Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Finally, Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $160.29.

Insider Activity at Cirrus Logic

In related news, EVP Justin E. Dougherty sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total transaction of $333,000.00. Following the completion of the sale, the executive vice president directly owned 4,537 shares of the company’s stock, valued at approximately $755,410.50. This represents a 30.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total value of $159,000.00. Following the sale, the director directly owned 20,531 shares of the company’s stock, valued at approximately $3,264,429. The trade was a 4.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 22,299 shares of company stock valued at $3,581,647 over the last 90 days. Insiders own 1.20% of the company’s stock.

Cirrus Logic Stock Up 0.1%

Shares of NASDAQ CRUS opened at $139.49 on Thursday. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $180.42. The stock has a market cap of $7.04 billion, a price-to-earnings ratio of 17.79 and a beta of 1.17. The company’s fifty day moving average is $157.51 and its 200-day moving average is $148.41.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, topping the consensus estimate of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The business had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.25 million. During the same quarter last year, the business posted $1.67 EPS. The firm’s revenue was up 5.7% compared to the same quarter last year. On average, research analysts anticipate that Cirrus Logic, Inc. will post 7.86 EPS for the current fiscal year.

Cirrus Logic Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.