14,800 Shares in Cirrus Logic, Inc. $CRUS Acquired by Louisiana State Employees Retirement System

Key Points

• Louisiana State Employees Retirement System bought a new stake in Cirrus Logic during the first quarter, acquiring 14,800 shares worth about $2.14 million.
• Wall Street sentiment remains positive overall: analysts currently rate CRUS as a Moderate Buy, with an average price target of $161.71.
• Cirrus Logic reported better-than-expected quarterly results, posting EPS of $1.95 versus $1.76 expected and revenue of $448.5 million, up 5.7% year over year.

Louisiana State Employees Retirement System purchased a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 14,800 shares of the semiconductor company's stock, valued at approximately $2,140,000.

A number of other institutional investors also recently modified their holdings of the company. LSV Asset Management lifted its stake in shares of Cirrus Logic by 1.0% in the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company's stock worth $279,215,000 after buying an additional 23,703 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in Cirrus Logic by 0.7% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company's stock valued at $187,059,000 after buying an additional 11,307 shares during the last quarter. Earnest Partners LLC raised its holdings in Cirrus Logic by 0.8% in the 3rd quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company's stock worth $168,980,000 after acquiring an additional 10,750 shares during the period. Dimensional Fund Advisors LP lifted its position in Cirrus Logic by 7.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,244,258 shares of the semiconductor company's stock worth $147,452,000 after acquiring an additional 83,059 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its position in Cirrus Logic by 33.5% during the 4th quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company's stock worth $127,224,000 after acquiring an additional 269,391 shares during the last quarter. Institutional investors own 87.96% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CRUS. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a research report on Thursday, June 4th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. KeyCorp lifted their price target on Cirrus Logic from $175.00 to $200.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Zacks Research lowered Cirrus Logic from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Finally, Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a research report on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $161.71.

Insiders Place Their Bets

In other Cirrus Logic news, CEO John Forsyth sold 5,000 shares of Cirrus Logic stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.41, for a total transaction of $852,050.00. Following the sale, the chief executive officer owned 70,016 shares in the company, valued at $11,931,426.56. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of the business's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total transaction of $658,485.78. Following the completion of the sale, the executive vice president directly owned 17,575 shares in the company, valued at $2,962,090.50. This trade represents a 18.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 24,319 shares of company stock valued at $4,025,230 in the last ninety days. 1.20% of the stock is currently owned by insiders.

Cirrus Logic Stock Down 0.1%

CRUS stock opened at $146.35 on Tuesday. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $180.42. The company has a market cap of $7.38 billion, a PE ratio of 18.67 and a beta of 1.15. The business's 50-day simple moving average is $165.96 and its 200 day simple moving average is $145.72.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The firm had revenue of $448.52 million during the quarter, compared to analysts' expectations of $442.25 million. During the same quarter in the prior year, the firm posted $1.67 EPS. The company's revenue for the quarter was up 5.7% on a year-over-year basis. On average, equities research analysts anticipate that Cirrus Logic, Inc. will post 8.05 EPS for the current year.

Cirrus Logic Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company's product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.

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