Cirrus Logic, Inc. $CRUS Shares Bought by Fox Run Management L.L.C.

Key Points

• Fox Run Management L.L.C. increased its Cirrus Logic stake by 205.7% in the fourth quarter, ending with 12,859 shares valued at about $1.52 million.
• Several other hedge funds also added or initiated positions, and institutional investors now own 87.96% of Cirrus Logic’s stock.
• Cirrus Logic beat quarterly expectations with $1.95 EPS on revenue of $448.52 million, while analysts currently view the stock as a Moderate Buy with a consensus target price of $161.71.

Fox Run Management L.L.C. raised its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 205.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,859 shares of the semiconductor company's stock after acquiring an additional 8,653 shares during the period. Fox Run Management L.L.C.'s holdings in Cirrus Logic were worth $1,524,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Kohmann Bosshard Financial Services LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at about $33,000. Torren Management LLC acquired a new stake in Cirrus Logic in the 4th quarter valued at about $35,000. Abich Financial Wealth Management LLC acquired a new stake in Cirrus Logic in the 3rd quarter valued at about $46,000. Geneos Wealth Management Inc. raised its holdings in Cirrus Logic by 95.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company's stock valued at $47,000 after acquiring an additional 232 shares during the last quarter. Finally, Rothschild Investment LLC acquired a new stake in Cirrus Logic in the 3rd quarter valued at about $48,000. Institutional investors and hedge funds own 87.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on CRUS shares. Barclays increased their price objective on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a report on Thursday, May 7th. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research note on Thursday, May 7th. Weiss Ratings reissued a "hold (c+)" rating on shares of Cirrus Logic in a research note on Friday, March 27th. Zacks Research cut shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Finally, KeyCorp increased their price target on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $161.71.

Insider Activity

In related news, CEO John Forsyth sold 5,000 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.41, for a total transaction of $852,050.00. Following the completion of the transaction, the chief executive officer owned 70,016 shares of the company's stock, valued at approximately $11,931,426.56. This trade represents a 6.67% decrease in their position. The transaction 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, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total transaction of $159,000.00. Following the transaction, the director directly owned 20,531 shares of the company's stock, valued at $3,264,429. The trade was a 4.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 23,149 shares of company stock worth $3,828,401 in the last three months. 1.20% of the stock is currently owned by corporate insiders.

Cirrus Logic Stock Performance

NASDAQ:CRUS opened at $165.66 on Tuesday. The stock has a market capitalization of $8.36 billion, a P/E ratio of 21.13 and a beta of 1.15. The company has a 50 day moving average price of $163.73 and a 200 day moving average price of $141.53. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $448.52 million during the quarter, compared to analysts' expectations of $442.26 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 last year, the company posted $1.67 EPS. Research analysts forecast that Cirrus Logic, Inc. will post 8.05 earnings per share for the current fiscal 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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