Panagora Asset Management Inc. decreased its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS – Free Report) by 10.3% in the 4th quarter, Holdings Channel reports. The firm owned 218,025 shares of the semiconductor company’s stock after selling 25,060 shares during the period. Panagora Asset Management Inc.’s holdings in Cirrus Logic were worth $25,836,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of CRUS. Kohmann Bosshard Financial Services LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at $33,000. Torren Management LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at $35,000. Kestra Advisory Services LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at $36,000. Abich Financial Wealth Management LLC purchased a new stake in Cirrus Logic in the 3rd quarter valued at $46,000. Finally, CIBC Private Wealth Group LLC raised its position in Cirrus Logic by 29.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.
Cirrus Logic Stock Performance
Shares of CRUS opened at $165.94 on Tuesday. The stock has a market capitalization of $8.37 billion, a P/E ratio of 21.17 and a beta of 1.15. The company’s fifty day moving average is $165.62 and its two-hundred day moving average is $143.16. Cirrus Logic, Inc. has a 1 year low of $92.02 and a 1 year high of $180.42.
Insider Buying and Selling
In other news, CEO John Forsyth sold 5,000 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.41, for a total transaction of $852,050.00. Following the transaction, the chief executive officer directly owned 70,016 shares of the company’s stock, valued at $11,931,426.56. This represents a 6.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of the company’s stock in a transaction 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 transaction, the executive vice president directly owned 4,537 shares in the company, valued at approximately $755,410.50. This trade represents a 30.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 23,149 shares of company stock worth $3,828,401 in the last ninety days. Insiders own 1.20% of the company’s stock.
Wall Street Analyst Weigh In
CRUS has been the subject of several research reports. KeyCorp upped their price target on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Barclays boosted their price objective on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research note on Friday, March 27th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus target price of $161.71.
Check Out Our Latest Stock Report on Cirrus Logic
Cirrus Logic Company 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.
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