Cirrus Logic, Inc. $CRUS Stock Sold by Sterling Capital Management LLC

Key Points

• Sterling Capital Management cut its Cirrus Logic stake by 79.5% in the third quarter, selling 12,206 shares and retaining 3,157 shares valued at approximately $379,000. Institutional investors own 87.96% of the company.
• Cirrus Logic reported quarterly earnings of $1.84 per share, exceeding analyst estimates of $1.81, while revenue rose 12.9% year over year to $459.72 million.
• Analyst sentiment is mixed: the stock has an average “Hold” rating and a consensus price target of $147.86, while shares recently opened at $113.71—near their 52-week low of $105.10.

Sterling Capital Management LLC reduced its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 79.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,157 shares of the semiconductor company's stock after selling 12,206 shares during the quarter. Sterling Capital Management LLC's holdings in Cirrus Logic were worth $379,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in Cirrus Logic by 3.8% during the third quarter. GAMMA Investing LLC now owns 2,742 shares of the semiconductor company's stock worth $329,000 after buying an additional 100 shares during the last quarter. Wedmont Private Capital lifted its position in shares of Cirrus Logic by 6.9% during the 2nd quarter. Wedmont Private Capital now owns 1,644 shares of the semiconductor company's stock valued at $247,000 after buying an additional 106 shares during the last quarter. Geneos Wealth Management Inc. grew its stake in shares of Cirrus Logic by 120.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company's stock worth $32,000 after acquiring an additional 120 shares during the period. Elevation Wealth Partners LLC lifted its holdings in Cirrus Logic by 72.5% during the second quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company's stock valued at $44,000 after purchasing an additional 124 shares during the last quarter. Finally, RHS Financial LLC boosted its position in Cirrus Logic by 6.8% during the third quarter. RHS Financial LLC now owns 1,968 shares of the semiconductor company's stock worth $236,000 after purchasing an additional 125 shares during the period. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock opened at $113.71 on Friday. Cirrus Logic, Inc. has a 52-week low of $105.10 and a 52-week high of $180.42. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of 13.92 and a beta of 1.17. The company has a fifty day moving average of $114.31 and a 200-day moving average of $138.51.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, beating analysts' consensus estimates of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. The company had revenue of $459.72 million during the quarter, compared to analyst estimates of $460.32 million. During the same quarter in the previous year, the company posted $1.51 EPS. Cirrus Logic's revenue for the quarter was up 12.9% on a year-over-year basis. On average, equities research analysts forecast that Cirrus Logic, Inc. will post 7.20 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Stifel Nicolaus cut their price objective on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a report on Thursday, August 6th. Barclays cut shares of Cirrus Logic from an "equal weight" rating to an "underweight" rating and reduced their price objective for the company from $130.00 to $95.00 in a research note on Tuesday, October 20th. Susquehanna decreased their target price on shares of Cirrus Logic from $200.00 to $170.00 and set a "positive" rating on the stock in a report on Wednesday, October 21st. KeyCorp cut Cirrus Logic from an "overweight" rating to a "sector weight" rating in a research report on Thursday, October 15th. Finally, Zacks Research lowered Cirrus Logic from a "hold" rating to a "strong sell" rating in a report on Friday, August 14th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Cirrus Logic has an average rating of "Hold" and an average price target of $147.86.

Insider Activity at Cirrus Logic

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

Cirrus Logic 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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