Arbejdsmarkedets Tillaegspension Cuts Position in Cirrus Logic, Inc. $CRUS

Key Points

• Arbejdsmarkedets Tillaegspension trimmed its Cirrus Logic stake by 4.5% in the first quarter, though it still owned 177,291 shares worth about $25.6 million.
• Insider selling was notable: EVP Andrew Brannan sold 6,464 shares and EVP Justin E. Dougherty sold 2,000 shares, bringing total insider sales over the last 90 days to 22,299 shares.
• Cirrus Logic posted better-than-expected quarterly results, with earnings of $1.95 per share versus $1.76 expected and revenue of $448.5 million, while analysts currently rate the stock a Moderate Buy with an average target price of $161.71.

Arbejdsmarkedets Tillaegspension cut its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 4.5% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 177,291 shares of the semiconductor company's stock after selling 8,261 shares during the period. Arbejdsmarkedets Tillaegspension owned approximately 0.35% of Cirrus Logic worth $25,640,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRUS. Caitong International Asset Management Co. Ltd boosted its position in shares of Cirrus Logic by 7,333.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company's stock worth $26,000 after buying an additional 220 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at approximately $33,000. Torren Management LLC bought a new stake in Cirrus Logic during the 4th quarter valued at $35,000. Kestra Advisory Services LLC bought a new stake in Cirrus Logic during the 4th quarter valued at $36,000. Finally, CIBC Private Wealth Group LLC boosted its position in Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company's stock worth $46,000 after acquiring an additional 88 shares during the period. Hedge funds and other institutional investors own 87.96% of the company's stock.

Insider Buying and Selling

In related news, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic stock in a transaction dated Monday, June 29th. The stock was 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 in the company, valued at approximately $1,042,346.13. This trade represents a 47.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $166.50, for a total transaction of $333,000.00. Following the completion of the sale, the executive vice president directly owned 4,537 shares in the company, valued at $755,410.50. This trade represents a 30.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 22,299 shares of company stock valued at $3,581,647 over the last ninety days. 1.20% of the stock is owned by insiders.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $150.36 on Monday. The firm has a market cap of $7.59 billion, a P/E ratio of 19.18 and a beta of 1.17. The business's fifty day moving average is $162.29 and its two-hundred day moving average is $147.34. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $180.42.

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

Analyst Ratings Changes

Several research firms have issued reports on CRUS. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Jefferies Financial Group upgraded Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Barclays boosted their target price on Cirrus Logic from $120.00 to $140.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Zacks Research downgraded 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 target 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 issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $161.71.

About Cirrus Logic

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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