Cirrus Logic, Inc. $CRUS Stock: Inspire Investing LLC Decreases Position

Key Points

• Inspire Investing LLC cut its Cirrus Logic position by 76.9% in the third quarter, selling 21,353 shares and retaining 6,412 shares valued at approximately $769,000.
• Institutional investors still hold a substantial 87.96% of Cirrus Logic’s stock, with BlackRock, Dimensional Fund Advisors, Bank of America, Quantinno Capital and First Trust among notable holders or recent buyers.
• Analyst sentiment is mixed: Cirrus Logic has an overall “Hold” rating and an average price target of $147.86. Shares opened at $114.27, while the company recently beat quarterly EPS estimates and reported 12.9% year-over-year revenue growth.

Inspire Investing LLC decreased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 76.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,412 shares of the semiconductor company's stock after selling 21,353 shares during the quarter. Inspire Investing LLC's holdings in Cirrus Logic were worth $769,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in Cirrus Logic in the 2nd quarter worth about $840,638,000. Dimensional Fund Advisors LP lifted its holdings in shares of Cirrus Logic by 6.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company's stock valued at $192,055,000 after purchasing an additional 83,897 shares during the last quarter. Bank of America Corp DE acquired a new stake in Cirrus Logic in the second quarter worth about $168,329,000. Quantinno Capital Management LP grew its position in Cirrus Logic by 21.1% during the 1st quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company's stock worth $136,262,000 after purchasing an additional 163,979 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Cirrus Logic by 34.3% during the first quarter. First Trust Advisors LP now owns 473,721 shares of the semiconductor company's stock valued at $68,509,000 after buying an additional 120,935 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. KeyCorp downgraded Cirrus Logic from an "overweight" rating to a "sector weight" rating in a research note on Thursday, October 15th. Barclays cut shares of Cirrus Logic from an "equal weight" rating to an "underweight" rating and dropped their price target for the company from $130.00 to $95.00 in a research note on Tuesday, October 20th. Stifel Nicolaus cut their price objective on Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Weiss Ratings raised Cirrus Logic from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, October 16th. Finally, Wall Street Zen lowered shares of Cirrus Logic from a "buy" rating to a "hold" rating in a report on Sunday, October 18th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $147.86.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock opened at $114.27 on Wednesday. The firm has a fifty day moving average of $114.47 and a two-hundred day moving average of $138.60. The company has a market cap of $5.73 billion, a P/E ratio of 13.99 and a beta of 1.17. Cirrus Logic, Inc. has a one year low of $105.10 and a one year high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, topping analysts' consensus estimates of $1.81 by $0.03. The company had revenue of $459.72 million for the quarter, compared to analysts' expectations of $460.32 million. During the same period in the prior year, the firm posted $1.51 EPS. The firm's quarterly revenue was up 12.9% on a year-over-year basis. As a group, equities analysts predict that Cirrus Logic, Inc. will post 7.20 earnings per share for the current year.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of the stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $107.75, for a total value of $125,636.50. Following the completion of the sale, the executive vice president directly owned 11,741 shares in the company, valued at approximately $1,265,092.75. This represents a 9.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 3,498 shares of company stock valued at $401,850. Insiders own 1.20% of the company's stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company's product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.

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