Cirrus Logic, Inc. $CRUS Shares Sold by Panagora Asset Management Inc.

Key Points

• Panagora Asset Management cut its Cirrus Logic stake by 10.3% in the fourth quarter, selling 25,060 shares and ending with 218,025 shares valued at about $25.8 million.
• Several Cirrus Logic insiders sold shares recently, including Director Alexander M. Davern and CEO John Forsyth, with insiders selling 23,149 shares total over the last 90 days.
• Analyst sentiment remains positive: Jefferies upgraded the stock to Buy, and the consensus rating is Moderate Buy with an average price target of $161.71, while the company also beat quarterly earnings and revenue estimates.

Panagora Asset Management Inc. lowered its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 10.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 218,025 shares of the semiconductor company's stock after selling 25,060 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.43% of Cirrus Logic worth $25,836,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CRUS. Kohmann Bosshard Financial Services LLC purchased a new position in Cirrus Logic in the fourth quarter worth approximately $33,000. Torren Management LLC purchased a new position in Cirrus Logic in the fourth quarter worth approximately $35,000. Kestra Advisory Services LLC purchased a new position in Cirrus Logic in the fourth quarter worth approximately $36,000. Abich Financial Wealth Management LLC purchased a new position in Cirrus Logic in the third quarter worth approximately $46,000. Finally, CIBC Private Wealth Group LLC lifted its stake in Cirrus Logic by 29.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company's stock worth $46,000 after acquiring an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.

Insider Buying and Selling at Cirrus Logic

In other news, Director Alexander M. Davern sold 1,000 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total transaction of $159,000.00. Following the completion of the sale, the director owned 20,531 shares in the company, valued at approximately $3,264,429. The trade was a 4.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John Forsyth sold 5,000 shares of the business's stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.41, for a total transaction of $852,050.00. Following the sale, the chief executive officer owned 70,016 shares of the company's stock, valued at $11,931,426.56. This represents a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 23,149 shares of company stock worth $3,828,401. 1.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

CRUS has been the subject of a number of recent research reports. KeyCorp lifted their price target on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an "overweight" rating in a research note 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. Jefferies Financial Group upgraded shares of Cirrus Logic to a "buy" rating in a research note on Thursday, June 4th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a research note on Friday, March 27th. Finally, Barclays lifted 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 note on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $161.71.

Cirrus Logic Trading Up 1.1%

Shares of NASDAQ:CRUS opened at $165.94 on Tuesday. The company has a market capitalization of $8.37 billion, a PE ratio of 21.17 and a beta of 1.15. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $180.42. The firm has a 50 day simple moving average of $165.62 and a 200-day simple moving average of $143.16.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.19. The business had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company's revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.67 EPS. As a group, equities research analysts predict that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

About Cirrus Logic

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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