Allspring Global Investments Holdings LLC Has $21.74 Million Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Allspring Global Investments Holdings LLC lifted its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 443.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 218,709 shares of the semiconductor company’s stock after purchasing an additional 178,469 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Cirrus Logic were worth $21,742,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CRUS shares. Barclays raised their price target on shares of Cirrus Logic from $105.00 to $115.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Stifel Nicolaus cut their target price on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating on the stock in a report on Tuesday, November 5th. Benchmark raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $125.00 price target for the company in a research note on Wednesday, February 5th. Loop Capital began coverage on Cirrus Logic in a research note on Tuesday, November 12th. They issued a “buy” rating and a $130.00 price objective on the stock. Finally, Susquehanna increased their target price on shares of Cirrus Logic from $135.00 to $140.00 and gave the company a “positive” rating in a research report on Monday, November 18th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $132.86.

Insider Activity at Cirrus Logic

In related news, EVP Jeffrey W. Baumgartner sold 2,051 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $100.00, for a total value of $205,100.00. Following the transaction, the executive vice president now directly owns 8,330 shares in the company, valued at $833,000. This trade represents a 19.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.02% of the stock is currently owned by corporate insiders.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $109.06 on Friday. The stock has a market capitalization of $5.80 billion, a price-to-earnings ratio of 19.79 and a beta of 0.91. Cirrus Logic, Inc. has a 52-week low of $81.30 and a 52-week high of $147.46. The stock’s 50 day moving average price is $102.58 and its two-hundred day moving average price is $114.88.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, February 4th. The semiconductor company reported $2.15 earnings per share (EPS) 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%. On average, equities research analysts forecast that Cirrus Logic, Inc. will post 5.21 EPS 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.