Amundi Has $17.46 Million Stock Holdings in Cirrus Logic, Inc. $CRUS

Key Points

• Amundi increased its Cirrus Logic stake by 42% in the first quarter, reaching 120,738 shares valued at approximately $17.46 million. Institutional investors collectively own 87.96% of the company.
• Cirrus Logic exceeded quarterly expectations, reporting $1.95 in earnings per share versus the $1.76 consensus estimate and revenue of $448.52 million, up 5.7% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $160.29, while insiders have sold 23,465 shares worth approximately $3.74 million over the past 90 days.

Amundi boosted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 42.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 120,738 shares of the semiconductor company's stock after purchasing an additional 35,693 shares during the period. Amundi owned about 0.24% of Cirrus Logic worth $17,461,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Norges Bank acquired a new position in Cirrus Logic in the fourth quarter valued at approximately $69,674,000. Invesco Ltd. grew its position in shares of Cirrus Logic by 133.6% during the 4th quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company's stock worth $76,136,000 after buying an additional 367,488 shares during the period. Defiance ETFs LLC bought a new stake in shares of Cirrus Logic in the 4th quarter valued at $38,050,000. Allianz Asset Management GmbH grew its position in Cirrus Logic by 33.5% in the 4th quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company's stock valued at $127,224,000 after purchasing an additional 269,391 shares during the period. Finally, Pacer Advisors Inc. increased its stake in Cirrus Logic by 127.9% during the 4th quarter. Pacer Advisors Inc. now owns 421,426 shares of the semiconductor company's stock valued at $49,939,000 after purchasing an additional 236,501 shares in the last quarter. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Price Performance

CRUS opened at $133.59 on Wednesday. Cirrus Logic, Inc. has a 1 year low of $92.02 and a 1 year high of $180.42. The company has a market capitalization of $6.74 billion, a price-to-earnings ratio of 17.04 and a beta of 1.18. The firm's fifty day moving average price is $151.48 and its two-hundred day moving average price is $149.12.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its 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. The company had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.25 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm's revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.67 earnings per share. As a group, equities analysts anticipate that Cirrus Logic, Inc. will post 7.86 EPS for the current year.

Analysts Set New Price Targets

CRUS has been the topic of a number of recent research reports. KeyCorp dropped their price objective on shares of Cirrus Logic from $200.00 to $190.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 14th. Barclays boosted their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Jefferies Financial Group raised shares of Cirrus Logic to a "buy" rating in a research report on Thursday, June 4th. Finally, Zacks Research downgraded Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $160.29.

Insider Activity

In other Cirrus Logic news, EVP Scott Thomas sold 1,300 shares of the business's stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total value of $234,052.00. Following the transaction, the executive vice president owned 31,048 shares of the company's stock, valued at approximately $5,589,881.92. The trade was a 4.02% decrease in their ownership of the stock. 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 Andrew Brannan sold 6,464 shares of the company's stock in a transaction on Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the transaction, the executive vice president owned 7,203 shares of the company's stock, valued at $1,042,346.13. This trade represents a 47.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 23,465 shares of company stock worth $3,743,219. Corporate insiders own 1.20% of the company's stock.

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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