California State Teachers Retirement System Increases Stock Holdings in Cirrus Logic, Inc. $CRUS

Key Points

• California State Teachers Retirement System increased its Cirrus Logic stake by 21% in the first quarter, purchasing 10,222 additional shares for a total holding worth approximately $8.5 million. Institutional investors collectively own 87.96% of the company.
• Cirrus Logic reported quarterly earnings of $1.95 per share, exceeding estimates of $1.76, while revenue rose 5.7% year over year to $448.52 million.
• Analyst sentiment remains moderately positive, with five Buy ratings and four Hold ratings and a consensus price target of $160.29. However, company insiders sold 23,465 shares worth roughly $3.74 million during the last quarter.

California State Teachers Retirement System grew its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 21.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 58,946 shares of the semiconductor company's stock after purchasing an additional 10,222 shares during the quarter. California State Teachers Retirement System owned approximately 0.12% of Cirrus Logic worth $8,525,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. 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 acquiring an additional 120 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings 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 worth $26,000 after purchasing an additional 220 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new position in Cirrus Logic during the fourth quarter valued at $33,000. Torren Management LLC bought a new stake in Cirrus Logic during the fourth quarter valued at about $35,000. Finally, Kestra Advisory Services LLC purchased a new stake in Cirrus Logic in the fourth quarter worth about $36,000. Hedge funds and other institutional investors own 87.96% of the company's stock.

Insiders Place Their Bets

In related news, EVP Jeffrey W. Baumgartner sold 1,166 shares of the company's stock in a transaction dated Monday, July 20th. The shares were sold at an average price of $138.57, for a total transaction of $161,572.62. Following the transaction, the executive vice president directly owned 15,239 shares in the company, valued at approximately $2,111,668.23. This represents a 7.11% 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 Justin E. Dougherty sold 2,000 shares of the firm's 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 of the company's stock, valued at approximately $755,410.50. The trade was a 30.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 23,465 shares of company stock valued at $3,743,219. 1.20% of the stock is currently owned by company insiders.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock opened at $133.59 on Wednesday. The stock has a market cap of $6.74 billion, a price-to-earnings ratio of 17.04 and a beta of 1.18. The stock has a 50 day moving average price of $151.48 and a 200-day moving average price of $149.12. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings results 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. The company had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.25 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.Cirrus Logic's quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.67 EPS. Sell-side analysts predict that Cirrus Logic, Inc. will post 7.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CRUS has been the subject of a number of recent research reports. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a research note on Thursday, May 7th. Jefferies Financial Group raised shares of Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Barclays upped 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. Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Finally, KeyCorp cut their price target 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. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Cirrus Logic has an average rating of "Moderate Buy" and a consensus target price of $160.29.

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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