Bank of America Corp DE Purchases Shares of 1,133,298 Cirrus Logic, Inc. $CRUS

Key Points

• Bank of America acquired 1.13 million Cirrus Logic shares in the second quarter, worth approximately $168.3 million and representing about 2.26% of the company.
• Institutional ownership remains high at 87.96%, with BlackRock also establishing a significant new position valued at roughly $840.6 million.
• Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $150.71. Cirrus Logic recently beat quarterly EPS estimates, reporting $1.84 per share, while revenue increased 12.9% year over year.

Bank of America Corp DE acquired a new position in shares of 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 acquired 1,133,298 shares of the semiconductor company's stock, valued at approximately $168,329,000. Bank of America Corp DE owned about 2.26% of Cirrus Logic at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Cirrus Logic during the second quarter worth $840,638,000. LSV Asset Management raised its position in shares of Cirrus Logic by 1.0% in the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company's stock worth $279,215,000 after acquiring an additional 23,703 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Cirrus Logic by 6.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company's stock worth $192,055,000 after acquiring an additional 83,897 shares in the last quarter. Quantinno Capital Management LP lifted its stake in shares of Cirrus Logic by 21.1% in the 1st quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company's stock valued at $136,262,000 after purchasing an additional 163,979 shares during the period. Finally, Allianz Asset Management GmbH lifted its stake in shares of 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. 87.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 1,458 shares of the business's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $145.97, for a total transaction of $212,824.26. Following the completion of the sale, the executive vice president directly owned 16,405 shares of the company's stock, valued at approximately $2,394,637.85. The trade was a 8.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly 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 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. In the last ninety days, insiders sold 11,424 shares of company stock worth $1,644,091. 1.20% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently commented on CRUS. Stifel Nicolaus decreased their target price on Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a research note on Thursday, June 4th. KeyCorp cut their price target on Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating on the stock in a report on Thursday, August 6th. Barclays cut their price objective on shares of Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cirrus Logic currently has an average rating of "Hold" and an average price target of $150.71.

Cirrus Logic Trading Up 2.0%

CRUS opened at $120.37 on Friday. The company's fifty day moving average price is $123.80 and its two-hundred day moving average price is $144.75. Cirrus Logic, Inc. has a 1-year low of $106.26 and a 1-year high of $180.42. The company has a market cap of $6.03 billion, a price-to-earnings ratio of 14.73 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The business's revenue was up 12.9% on a year-over-year basis. During the same period last year, the company earned $1.51 earnings per share. As a group, equities analysts forecast that Cirrus Logic, Inc. will post 7.32 earnings per share for the current fiscal year.

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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