Cirrus Logic, Inc. $CRUS Stock Holdings Increased by AlphaQuest LLC

Key Points

• AlphaQuest LLC dramatically increased its Cirrus Logic stake by 1,258.4% in the fourth quarter, ending with 12,416 shares valued at about $1.47 million.
• Cirrus Logic reported a strong quarter, with EPS of $1.95 beating estimates and revenue of $448.52 million topping expectations, while revenue also rose 5.7% year over year.
• Analysts remain mixed but generally positive on CRUS, with a Moderate Buy consensus and an average price target of $161.71; meanwhile, several insiders recently sold shares.

AlphaQuest LLC increased its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 1,258.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,416 shares of the semiconductor company's stock after purchasing an additional 11,502 shares during the quarter. AlphaQuest LLC's holdings in Cirrus Logic were worth $1,471,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Thrivent Financial for Lutherans boosted its stake in Cirrus Logic by 102.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 25,341 shares of the semiconductor company's stock worth $3,175,000 after purchasing an additional 12,828 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH grew its position in Cirrus Logic by 9.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company's stock worth $15,391,000 after purchasing an additional 11,607 shares in the last quarter. Mach 1 Financial Group LLC purchased a new position in Cirrus Logic during the 4th quarter worth approximately $736,000. Vaughan Nelson Investment Management L.P. grew its position in Cirrus Logic by 546.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company's stock worth $46,005,000 after purchasing an additional 328,159 shares in the last quarter. Finally, Lecap Asset Management Ltd. purchased a new position in Cirrus Logic during the 4th quarter worth approximately $888,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Stock Performance

Shares of CRUS opened at $173.59 on Thursday. The company's 50 day moving average price is $158.68 and its 200 day moving average price is $138.58. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $180.42. The company has a market capitalization of $8.78 billion, a PE ratio of 22.14 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts' consensus estimates of $1.76 by $0.19. The firm had revenue of $448.52 million for 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 firm's revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.67 earnings per share. On average, equities analysts forecast that Cirrus Logic, Inc. will post 8.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CRUS. Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research report on Thursday, May 7th. KeyCorp lifted their price objective on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Barclays lifted their price objective 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. Zacks Research cut shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a research report on Friday, March 27th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $161.71.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic 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 value of $159,000.00. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Justin E. Dougherty sold 2,000 shares of the business's stock in a transaction that occurred on 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 $755,410.50. This represents a 30.60% decrease in their ownership of the stock. 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. Over the last ninety days, insiders sold 17,942 shares of company stock valued at $2,935,864. 1.16% of the stock is currently owned by insiders.

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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