Amundi Has $7.33 Million Holdings in Cirrus Logic, Inc. $CRUS

Key Points

• Amundi cut its Cirrus Logic stake by 59.1% in the second quarter, selling 71,415 shares and retaining 49,323 shares valued at approximately $7.33 million.
• Institutional ownership remains high at 87.96%, with California State Teachers Retirement System significantly increasing its position and BlackRock and Bank of America initiating new stakes.
• Cirrus Logic exceeded quarterly EPS estimates with $1.84 versus $1.81 expected, while revenue rose 12.9% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $150.71.

Amundi cut its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 59.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,323 shares of the semiconductor company's stock after selling 71,415 shares during the period. Amundi owned 0.10% of Cirrus Logic worth $7,326,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in CRUS. California State Teachers Retirement System grew its stake in shares of Cirrus Logic by 14,777.9% in the 2nd quarter. California State Teachers Retirement System now owns 8,769,954 shares of the semiconductor company's stock valued at $1,302,601,000 after buying an additional 8,711,008 shares in the last quarter. BlackRock Inc. bought a new position in Cirrus Logic during the second quarter valued at approximately $840,638,000. Bank of America Corp DE bought a new position in Cirrus Logic during the second quarter valued at approximately $168,329,000. Norges Bank acquired a new stake in Cirrus Logic in the fourth quarter valued at approximately $69,674,000. Finally, Caisse de depot et placement du Quebec acquired a new stake in Cirrus Logic in the second quarter valued at approximately $61,500,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cirrus Logic

In related news, EVP Andrew Brannan sold 6,464 shares of the business's 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. The trade was a 47.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,166 shares of the company's stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $117.89, for a total transaction of $137,459.74. Following the transaction, the executive vice president owned 14,073 shares of the company's stock, valued at approximately $1,659,065.97. The trade was a 7.65% 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 sold 11,424 shares of company stock valued at $1,644,091 over the last three months. 1.20% of the stock is owned by company insiders.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $118.79 on Friday. The business's 50-day simple moving average is $126.11 and its 200-day simple moving average is $145.42. Cirrus Logic, Inc. has a 52 week low of $106.26 and a 52 week high of $180.42. The firm has a market capitalization of $5.95 billion, a PE ratio of 14.54 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its 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. The firm had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The company's revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.51 EPS. Research analysts forecast that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on CRUS. Wall Street Zen downgraded shares of Cirrus Logic from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. KeyCorp cut their price target on shares of Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating on the stock in a report on Thursday, August 6th. Barclays reduced their price objective on shares of 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. Zacks Research cut shares of Cirrus Logic from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Cirrus Logic currently has an average rating of "Hold" and a consensus price target of $150.71.

Cirrus Logic Profile

Cirrus Logic, Inc NASDAQ: CRUS is a fabless semiconductor company that develops high-performance, low-power integrated circuits and related software. Its products are designed to process audio and other mixed-signal information in electronic devices, helping manufacturers deliver high-quality sound, efficient power management and responsive user experiences.

The company's product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, smart codecs, haptic-control solutions and other mixed-signal components.

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