Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 4.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 60,134 shares of the semiconductor company’s stock after selling 3,029 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Cirrus Logic worth $5,988,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. 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 acquiring an additional 217,404 shares during the period. Pacer Advisors Inc. boosted its stake in Cirrus Logic by 44.0% during the 4th 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. Geode Capital Management LLC increased 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 purchasing an additional 50,582 shares during the period. Allianz Asset Management GmbH raised its stake in shares of Cirrus Logic by 137.2% in the 4th quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company’s stock worth $104,049,000 after buying an additional 604,431 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Cirrus Logic by 8.4% in the fourth quarter. Sei Investments Co. now owns 830,180 shares of the semiconductor company’s stock valued at $82,672,000 after buying an additional 64,222 shares during the period. 87.96% of the stock is currently owned by institutional investors.

Insider Activity at Cirrus Logic

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the firm’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 8,330 shares in the company, valued at approximately $833,000. This trade represents a 19.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.02% of the stock is owned by insiders.

Cirrus Logic Price Performance

Shares of CRUS opened at $99.51 on Friday. Cirrus Logic, Inc. has a one year low of $81.30 and a one year high of $147.46. The company has a 50-day moving average of $103.47 and a two-hundred day moving average of $108.36. The stock has a market cap of $5.29 billion, a price-to-earnings ratio of 18.06 and a beta of 0.89.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data 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%. Analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRUS. Barclays lifted their target price on Cirrus Logic from $105.00 to $115.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 5th. StockNews.com raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Finally, Benchmark reiterated a “buy” rating and issued a $125.00 target price on shares of Cirrus Logic in a report on Wednesday, March 19th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $132.86.

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.