16,211 Shares in Cirrus Logic, Inc. $CRUS Bought by NewEdge Wealth LLC

Key Points

• NewEdge Wealth bought 16,211 Cirrus Logic shares worth approximately $2.4 million in the second quarter. Institutional investors own 87.96% of the company, with BlackRock making a particularly large new investment valued at about $840.6 million.
• Cirrus Logic reported quarterly EPS of $1.84, beating estimates by $0.03, while revenue rose 12.9% year over year to $459.72 million. Shares opened at $116.90, well below their 52-week high of $180.42.
• Analyst sentiment is mixed, with a consensus “Hold” rating and a $150.71 price target. Meanwhile, company insiders sold 15,465 shares worth roughly $2.4 million over the past 90 days.

NewEdge Wealth LLC purchased a new position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 16,211 shares of the semiconductor company's stock, valued at approximately $2,408,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRUS. Foster & Motley Inc. bought a new stake in Cirrus Logic in the second quarter valued at $4,672,000. RHS Financial LLC bought a new position in shares of Cirrus Logic during the 2nd quarter worth about $274,000. Meeder Asset Management Inc. acquired a new stake in shares of Cirrus Logic in the 2nd quarter valued at about $66,000. BlackRock Inc. acquired a new stake in shares of Cirrus Logic in the 2nd quarter valued at about $840,638,000. Finally, Pallas Capital Advisors LLC bought a new stake in Cirrus Logic in the 2nd quarter valued at about $337,000. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS opened at $116.90 on Friday. The firm has a fifty day moving average price of $140.12 and a two-hundred day moving average price of $148.58. Cirrus Logic, Inc. has a one year low of $109.88 and a one year high of $180.42. The company has a market cap of $5.86 billion, a price-to-earnings ratio of 14.31 and a beta of 1.18.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The firm had revenue of $459.72 million during the quarter, compared to the consensus estimate of $460.32 million. During the same quarter last year, the company posted $1.51 EPS. The company's revenue for the quarter was up 12.9% on a year-over-year basis. Equities research analysts expect that Cirrus Logic, Inc. will post 7.47 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Wall Street Zen downgraded Cirrus Logic from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Weiss Ratings reissued a "hold (c+)" rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a research report on Thursday, June 4th. KeyCorp reduced their target price on shares of Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating for the company in a research report on Thursday, August 6th. Finally, Barclays cut their price target on Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating for the company in a research note on Thursday, August 6th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Cirrus Logic presently has a consensus rating of "Hold" and a consensus price target of $150.71.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction on Monday, June 29th. The shares were sold at an average price of $144.71, for a total transaction of $935,405.44. Following the transaction, the executive vice president owned 7,203 shares of the company's stock, valued at approximately $1,042,346.13. This trade represents a 47.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 firm's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total value of $658,485.78. Following the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 15,465 shares of company stock worth $2,399,169 over the last ninety days. Insiders own 1.20% of the company's stock.

Cirrus Logic Company 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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