Meeder Asset Management Inc. Sells 7,069 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Meeder Asset Management Inc. lowered its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 29.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,859 shares of the semiconductor company’s stock after selling 7,069 shares during the period. Meeder Asset Management Inc.’s holdings in Cirrus Logic were worth $1,402,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRUS. Covington Capital Management raised its position in shares of Cirrus Logic by 100.0% during the third quarter. Covington Capital Management now owns 400 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 200 shares during the period. Venturi Wealth Management LLC increased its position in shares of Cirrus Logic by 93.7% during the 4th quarter. Venturi Wealth Management LLC now owns 368 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 178 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Cirrus Logic by 71.1% during the 3rd quarter. Nisa Investment Advisors LLC now owns 722 shares of the semiconductor company’s stock worth $53,000 after purchasing an additional 300 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Cirrus Logic during the 3rd quarter worth approximately $62,000. Finally, Covestor Ltd increased its position in shares of Cirrus Logic by 66.9% during the 1st quarter. Covestor Ltd now owns 1,078 shares of the semiconductor company’s stock worth $91,000 after purchasing an additional 432 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Trading Up 1.5 %

Cirrus Logic stock opened at $91.77 on Monday. The company has a market capitalization of $4.95 billion, a PE ratio of 29.13 and a beta of 1.00. Cirrus Logic, Inc. has a 12 month low of $65.02 and a 12 month high of $103.90. The stock has a 50-day moving average price of $89.37 and a two-hundred day moving average price of $80.67.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $2.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.83. Cirrus Logic had a return on equity of 16.13% and a net margin of 9.84%. The company had revenue of $618.98 million during the quarter, compared to the consensus estimate of $539.55 million. As a group, analysts predict that Cirrus Logic, Inc. will post 4.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Justin E. Dougherty sold 3,280 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $91.40, for a total transaction of $299,792.00. Following the completion of the sale, the senior vice president now owns 6,000 shares of the company’s stock, valued at $548,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cirrus Logic news, VP Andrew Brannan sold 3,250 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $94.00, for a total value of $305,500.00. Following the completion of the sale, the vice president now owns 6,055 shares of the company’s stock, valued at $569,170. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Justin E. Dougherty sold 3,280 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $91.40, for a total value of $299,792.00. Following the completion of the sale, the senior vice president now directly owns 6,000 shares of the company’s stock, valued at approximately $548,400. The disclosure for this sale can be found here. Insiders sold 7,530 shares of company stock valued at $700,292 over the last 90 days. Company insiders own 0.89% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CRUS. StockNews.com downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 21st. TheStreet upgraded Cirrus Logic from a “c+” rating to a “b-” rating in a research note on Tuesday, January 23rd. TD Cowen boosted their price target on Cirrus Logic from $90.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Susquehanna upped their target price on Cirrus Logic from $85.00 to $100.00 and gave the company a “positive” rating in a research report on Wednesday, February 7th. Finally, Barclays upped their target price on Cirrus Logic from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, January 16th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $96.43.

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 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 digital signal processing; boosted amplifiers; 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.