California State Teachers Retirement System Acquires 8,711,008 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• California State Teachers Retirement System dramatically increased its Cirrus Logic stake by purchasing 8.71 million shares in the second quarter, bringing its holdings to 8.77 million shares, or approximately 17.5% of the company.
• Institutional investors collectively own nearly 88% of Cirrus Logic, while company insiders have sold 11,424 shares worth about $1.64 million over the past 90 days.
• Analyst sentiment is mixed, with the stock carrying an average “Hold” rating and a $150.71 average price target. Cirrus Logic recently beat quarterly EPS estimates and reported 12.9% year-over-year revenue growth, despite shares trading near $118.79.

California State Teachers Retirement System grew its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 14,777.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,769,954 shares of the semiconductor company's stock after purchasing an additional 8,711,008 shares during the quarter. California State Teachers Retirement System owned approximately 17.50% of Cirrus Logic worth $1,302,601,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. increased its stake in shares of Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company's stock worth $32,000 after purchasing an additional 120 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in Cirrus Logic by 7,333.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 220 shares during the period. Elevation Wealth Partners LLC grew its holdings in Cirrus Logic by 72.5% in the 2nd quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company's stock valued at $44,000 after buying an additional 124 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in Cirrus Logic in the 4th quarter valued at $36,000. Finally, CIBC Private Wealth Group LLC increased 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 buying an additional 88 shares during the period. Institutional investors own 87.96% of the company's stock.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Jeffrey Baumgartner sold 1,458 shares of the company's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $145.97, for a total value 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. This represents a 8.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the company's stock in a transaction that occurred on Monday, June 29th. The shares were 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 directly owned 7,203 shares of the company's stock, valued at approximately $1,042,346.13. This represents a 47.30% 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. Insiders have sold a total of 11,424 shares of company stock worth $1,644,091 over the last ninety days. Insiders own 1.20% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on CRUS shares. Wall Street Zen downgraded Cirrus Logic from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. KeyCorp lowered their target price on Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating for the company in a report on Thursday, August 6th. Stifel Nicolaus dropped their target price on Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Zacks Research lowered Cirrus Logic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Finally, Barclays reduced their price target on Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating on the stock in a report on Thursday, August 6th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $150.71.

Cirrus Logic Stock Up 2.0%

Shares of NASDAQ CRUS opened at $118.79 on Friday. The firm has a market cap of $5.95 billion, a PE ratio of 14.54 and a beta of 1.16. The company's fifty day simple moving average is $126.11 and its 200 day simple moving average is $145.42. Cirrus Logic, Inc. has a 12-month low of $106.26 and a 12-month high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, topping analysts' consensus estimates of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The company had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. During the same period in the prior year, the firm earned $1.51 earnings per share. Cirrus Logic's revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities analysts predict that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

About Cirrus Logic

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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