BlackRock Inc. Takes $840.64 Million Position in Cirrus Logic, Inc. $CRUS

Key Points

• BlackRock acquired 5.66 million Cirrus Logic shares worth approximately $840.6 million, giving it an 11.22% stake. Institutional investors collectively own 87.96% of the company.
• Cirrus Logic reported quarterly EPS of $1.84, exceeding estimates of $1.81, while revenue rose 12.9% year over year to $459.72 million. Shares opened at $115.33, down from their 52-week high of $180.42.
• Insiders sold 15,465 shares worth about $2.4 million over the past 90 days. Analysts remain mixed, with the stock carrying an average “Hold” rating and a consensus price target of $150.71.

BlackRock Inc. purchased a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 5,659,720 shares of the semiconductor company's stock, valued at approximately $840,638,000. BlackRock Inc. owned approximately 11.22% of Cirrus Logic as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CRUS. Parallel Advisors LLC raised its holdings in Cirrus Logic by 6.2% during the fourth quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company's stock worth $162,000 after purchasing an additional 80 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of 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 buying an additional 88 shares during the last quarter. EP Wealth Advisors LLC raised its stake in shares of Cirrus Logic by 1.7% during the 2nd quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company's stock worth $598,000 after buying an additional 95 shares during the last quarter. Diversified Trust Co boosted its position in shares of Cirrus Logic by 1.1% in the 1st quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company's stock worth $1,316,000 after buying an additional 102 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its position in shares of Cirrus Logic by 120.0% in 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 in the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic 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 completion of the sale, 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 sale was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of the company's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $168.54, for a total transaction of $658,485.78. Following the completion of the sale, the executive vice president owned 17,575 shares of the company's stock, valued at $2,962,090.50. This represents a 18.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 15,465 shares of company stock valued at $2,399,169. Company insiders own 1.20% of the company's stock.

Cirrus Logic Stock Down 1.3%

Shares of CRUS opened at $115.33 on Friday. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of 14.12 and a beta of 1.18. Cirrus Logic, Inc. has a 52-week low of $109.88 and a 52-week high of $180.42. The business's 50 day moving average is $139.15 and its two-hundred day moving average is $148.35.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, beating analysts' consensus estimates of $1.81 by $0.03. The company had revenue of $459.72 million during the quarter, compared to the consensus estimate of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.Cirrus Logic's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.51 earnings per share. On average, equities analysts expect that Cirrus Logic, Inc. will post 7.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on CRUS shares. Zacks Research cut shares of Cirrus Logic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Jefferies Financial Group upgraded Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Barclays dropped their price target on Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating for the company in a research report on Thursday, August 6th. Finally, Stifel Nicolaus cut their price target on Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cirrus Logic presently has an average rating of "Hold" and an average target price of $150.71.

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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