Bank of America Corp DE Has $177.54 Million Holdings in Cirrus Logic, Inc. $CRUS

Key Points

• Bank of America reduced its Cirrus Logic stake by 5%, selling 64,901 shares and retaining 1.23 million shares worth approximately $177.5 million. Institutional investors and hedge funds collectively own 87.96% of CRUS.
• Analyst sentiment remains favorable, with five Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $160.29. Recent targets range from $140 to $197.
• Cirrus Logic exceeded quarterly expectations, reporting $1.95 in earnings per share versus the $1.76 consensus and revenue of $448.5 million. Insiders sold 23,465 shares worth $3.74 million during the past quarter, while the stock’s 12-month range is $92.02 to $180.42.

Bank of America Corp DE cut its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 5.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,227,619 shares of the semiconductor company's stock after selling 64,901 shares during the period. Bank of America Corp DE owned approximately 2.41% of Cirrus Logic worth $177,538,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CRUS. Caitong International Asset Management Co. Ltd lifted its stake in Cirrus Logic by 7,333.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company's stock valued at $26,000 after buying an additional 220 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Cirrus Logic by 120.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company's stock worth $32,000 after buying an additional 120 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new position in Cirrus Logic during the fourth quarter valued at approximately $33,000. Torren Management LLC acquired a new stake in shares of Cirrus Logic in the 4th quarter valued at approximately $35,000. Finally, Kestra Advisory Services LLC acquired a new stake in Cirrus Logic in the fourth quarter valued at $36,000. 87.96% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CRUS. KeyCorp reduced their target price on Cirrus Logic from $200.00 to $190.00 and set an "overweight" rating for the company in a research note on Tuesday, July 14th. Barclays raised their price target 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. Jefferies Financial Group raised shares of Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic in a research report on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Cirrus Logic presently has an average rating of "Moderate Buy" and an average price target of $160.29.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Scott Thomas sold 1,300 shares of the firm'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 sale, the executive vice president owned 31,048 shares of the company's stock, valued at approximately $5,589,881.92. This trade represents a 4.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of the business's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total value of $333,000.00. Following the transaction, the executive vice president directly owned 4,537 shares of the company's stock, valued at $755,410.50. This trade represents a 30.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 23,465 shares of company stock valued at $3,743,219. 1.20% of the stock is currently owned by insiders.

Cirrus Logic Stock Up 4.9%

CRUS stock opened at $133.59 on Wednesday. The company's 50-day moving average price is $151.48 and its two-hundred day moving average price is $149.12. The firm has a market cap of $6.74 billion, a P/E ratio of 17.04 and a beta of 1.18. Cirrus Logic, Inc. has a 12 month low of $92.02 and a 12 month high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping analysts' consensus estimates 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 quarterly revenue was up 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.67 EPS. Equities analysts predict that Cirrus Logic, Inc. will post 7.86 EPS for the current year.

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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