Cirrus Logic, Inc. (NASDAQ:CRUS) Holdings Trimmed by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 31.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 123,645 shares of the semiconductor company’s stock after selling 55,948 shares during the period. Principal Financial Group Inc.’s holdings in Cirrus Logic were worth $15,358,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Cirrus Logic by 21.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 720,771 shares of the semiconductor company’s stock worth $89,527,000 after acquiring an additional 129,457 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cirrus Logic by 4.7% during the third 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 last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Cirrus Logic by 52.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 961 shares of the semiconductor company’s stock valued at $123,000 after purchasing an additional 329 shares during the period. Susquehanna Fundamental Investments LLC increased its stake in Cirrus Logic by 741.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 27,754 shares of the semiconductor company’s stock worth $3,543,000 after purchasing an additional 24,454 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC acquired a new stake in Cirrus Logic during the 3rd quarter worth about $1,752,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Stock Down 1.6 %

Cirrus Logic stock opened at $101.87 on Friday. Cirrus Logic, Inc. has a 12 month low of $75.92 and a 12 month high of $147.46. The stock has a market cap of $5.41 billion, a P/E ratio of 17.27 and a beta of 0.93. The company’s fifty day simple moving average is $106.94 and its 200-day simple moving average is $121.80.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Monday, November 4th. The semiconductor company reported $2.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.23. Cirrus Logic had a return on equity of 18.15% and a net margin of 17.19%. The firm had revenue of $541.90 million during the quarter, compared to analysts’ expectations of $520.53 million. During the same quarter last year, the firm earned $1.43 earnings per share. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. On average, equities research analysts expect that Cirrus Logic, Inc. will post 5.21 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CRUS has been the subject of several recent analyst reports. StockNews.com upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. Susquehanna raised their price objective on shares of Cirrus Logic from $135.00 to $140.00 and gave the stock a “positive” rating in a research note on Monday, November 18th. Barclays cut their target price on shares of Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 5th. Stifel Nicolaus decreased their target price on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a research report on Tuesday, November 5th. Finally, Loop Capital initiated coverage on Cirrus Logic in a research report on Tuesday, November 12th. They set a “buy” rating and a $130.00 price target on the stock. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $132.50.

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.