Cirrus Logic, Inc. $CRUS Stake Trimmed by Burney Co.

Key Points

• Burney Co. trimmed its stake in Cirrus Logic by 26.3% in Q4, selling 34,217 shares and retaining 95,825 shares worth about $11.36 million, while institutional investors own roughly 87.96% of the stock.
• Earnings beat and analyst sentiment: Cirrus Logic reported $2.97 EPS (vs. $2.37 est.) and $580.6M revenue (vs. $531.4M), and the stock has a consensus "Moderate Buy" rating with a $150.43 target as several firms raised price targets (e.g., KeyCorp to $175, Stifel to $163).
• Insider selling: CEO John Forsyth and EVP Scott Thomas sold 21,806 and 9,942 shares respectively, and insiders have sold 37,987 shares (~$5.43M) in the last 90 days, leaving insiders with about 1.16% ownership.

Burney Co. lowered its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 26.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 95,825 shares of the semiconductor company's stock after selling 34,217 shares during the quarter. Burney Co. owned approximately 0.19% of Cirrus Logic worth $11,355,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Abich Financial Wealth Management LLC acquired a new stake in Cirrus Logic during the 3rd quarter worth about $46,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Cirrus Logic during the 2nd quarter worth about $39,000. Rothschild Investment LLC acquired a new stake in Cirrus Logic during the 3rd quarter worth about $48,000. SJS Investment Consulting Inc. boosted its position in Cirrus Logic by 2,406.3% during the 3rd quarter. SJS Investment Consulting Inc. now owns 401 shares of the semiconductor company's stock worth $50,000 after acquiring an additional 385 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in Cirrus Logic by 95.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company's stock worth $47,000 after acquiring an additional 232 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a research report on Friday, March 27th. Loop Capital lowered Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 price objective for the company. in a research report on Monday, February 2nd. Stifel Nicolaus raised their price objective on Cirrus Logic from $150.00 to $163.00 and gave the stock a "buy" rating in a research report on Wednesday, February 4th. Barclays raised their price objective on Cirrus Logic from $110.00 to $120.00 and gave the stock an "equal weight" rating in a research report on Tuesday, March 3rd. Finally, KeyCorp raised their price objective on Cirrus Logic from $150.00 to $175.00 and gave the stock an "overweight" rating in a research report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $150.43.

Cirrus Logic Price Performance

Shares of Cirrus Logic stock opened at $160.00 on Friday. The firm has a market cap of $8.16 billion, a price-to-earnings ratio of 21.08 and a beta of 1.08. Cirrus Logic, Inc. has a 52-week low of $82.02 and a 52-week high of $162.51. The stock has a 50-day simple moving average of $141.19 and a 200-day simple moving average of $129.74.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.37 by $0.60. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The business had revenue of $580.62 million during the quarter, compared to analyst estimates of $531.43 million. During the same period in the previous year, the company earned $2.51 EPS. The firm's revenue was up 4.5% on a year-over-year basis. As a group, equities research analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO John Forsyth sold 21,806 shares of the business's stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total value of $2,947,080.90. Following the completion of the sale, the chief executive officer directly owned 50,723 shares in the company, valued at approximately $6,855,213.45. The trade was a 30.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Thomas sold 9,942 shares of the business's stock in a transaction that occurred on Thursday, April 9th. The stock was sold at an average price of $160.11, for a total value of $1,591,813.62. Following the completion of the sale, the executive vice president owned 30,393 shares of the company's stock, valued at approximately $4,866,223.23. This trade represents a 24.65% 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. In the last ninety days, insiders sold 37,987 shares of company stock worth $5,427,114. 1.16% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding CRUS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.