Principal Financial Group Inc. Sells 55,948 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Principal Financial Group Inc. reduced its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 31.2% in the 3rd quarter, Holdings Channel.com reports. The fund 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 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CRUS. Janney Montgomery Scott LLC bought a new position in shares of Cirrus Logic in the first quarter valued at $275,000. Russell Investments Group Ltd. grew its stake in shares of Cirrus Logic by 10.6% in the first quarter. Russell Investments Group Ltd. now owns 152,321 shares of the semiconductor company’s stock valued at $14,087,000 after buying an additional 14,656 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of Cirrus Logic by 16.2% in the first quarter. ProShare Advisors LLC now owns 10,382 shares of the semiconductor company’s stock valued at $961,000 after buying an additional 1,450 shares in the last quarter. State Board of Administration of Florida Retirement System grew its stake in shares of Cirrus Logic by 13.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 48,030 shares of the semiconductor company’s stock valued at $4,446,000 after buying an additional 5,645 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Cirrus Logic by 9.7% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 8,444 shares of the semiconductor company’s stock valued at $776,000 after buying an additional 746 shares in the last quarter. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Stock Performance

CRUS opened at $100.67 on Friday. Cirrus Logic, Inc. has a fifty-two week low of $74.80 and a fifty-two week high of $147.46. The company has a market capitalization of $5.35 billion, a P/E ratio of 17.06 and a beta of 0.96. The stock has a fifty day moving average of $118.87 and a 200-day moving average of $122.64.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Monday, November 4th. The semiconductor company reported $2.25 earnings per share for the quarter, topping 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 company had revenue of $541.90 million during the quarter, compared to the consensus estimate of $520.53 million. During the same quarter last year, the firm earned $1.43 earnings per share. The company’s revenue was up 12.6% on a year-over-year basis. On average, equities research analysts predict that Cirrus Logic, Inc. will post 5.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CRUS has been the subject of several analyst reports. Loop Capital initiated coverage on shares of Cirrus Logic in a research note on Tuesday. They issued a “buy” rating and a $130.00 target price for the company. StockNews.com downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a report on Wednesday, November 6th. KeyCorp raised their price target on Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Stifel Nicolaus cut their price target on Cirrus Logic from $165.00 to $140.00 and set a “buy” rating for the company in a report on Tuesday, November 5th. Finally, Barclays cut their price target on Cirrus Logic from $120.00 to $105.00 and set an “equal weight” rating for the company in a report on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $131.67.

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.