Convergence Financial LLC Purchases 10,703 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• Convergence Financial LLC acquired 10,703 Cirrus Logic shares during the third quarter, valued at approximately $1.28 million. Institutional investors and hedge funds collectively own 87.96% of the company.
• Cirrus Logic reported quarterly earnings of $1.84 per share, exceeding estimates of $1.81, while revenue rose 12.9% year over year to $459.72 million.
• CRUS recently traded at $113.08, near the lower end of its 12-month range. Analyst sentiment is mixed, with an average “Hold” rating and a consensus price target of $147.86, while several firms recently lowered their targets or ratings.

Convergence Financial LLC acquired a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 10,703 shares of the semiconductor company's stock, valued at approximately $1,284,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brucke Financial Inc. increased its position in Cirrus Logic by 34.1% during the 3rd quarter. Brucke Financial Inc. now owns 2,465 shares of the semiconductor company's stock worth $296,000 after buying an additional 627 shares during the period. Signaturefd LLC lifted its holdings in shares of Cirrus Logic by 60.1% during the third quarter. Signaturefd LLC now owns 3,181 shares of the semiconductor company's stock worth $382,000 after buying an additional 1,194 shares in the last quarter. Kendall Capital Management lifted its holdings in shares of Cirrus Logic by 4.8% during the third quarter. Kendall Capital Management now owns 11,407 shares of the semiconductor company's stock worth $1,368,000 after buying an additional 520 shares in the last quarter. Root Financial Partners LLC bought a new stake in shares of Cirrus Logic in the third quarter valued at about $25,000. Finally, SBI Securities Co. Ltd. boosted its position in shares of Cirrus Logic by 267.7% in the third quarter. SBI Securities Co. Ltd. now owns 239 shares of the semiconductor company's stock valued at $29,000 after acquiring an additional 174 shares during the period. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Stock Down 1.0%

CRUS stock opened at $113.08 on Thursday. The company's 50-day moving average price is $114.40 and its two-hundred day moving average price is $138.55. The firm has a market cap of $5.67 billion, a P/E ratio of 13.84 and a beta of 1.17. Cirrus Logic, Inc. has a 12 month low of $105.10 and a 12 month 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 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. The business had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. During the same period last year, the firm posted $1.51 earnings per share. Cirrus Logic's revenue was up 12.9% compared to the same quarter last year. Equities analysts predict that Cirrus Logic, Inc. will post 7.20 EPS for the current year.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction that occurred 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 sale, the executive vice president directly owned 11,741 shares of the company's stock, valued at approximately $1,265,092.75. The trade was a 9.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 3,498 shares of company stock valued at $401,850. Company insiders own 1.20% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Barclays downgraded shares of Cirrus Logic from an "equal weight" rating to an "underweight" rating and decreased their price target for the company from $130.00 to $95.00 in a research note on Tuesday, October 20th. Wall Street Zen cut shares of Cirrus Logic from a "buy" rating to a "hold" rating in a research note on Sunday, October 18th. Stifel Nicolaus decreased their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. KeyCorp cut shares of Cirrus Logic from an "overweight" rating to a "sector weight" rating in a report on Thursday, October 15th. Finally, Susquehanna dropped their price target on shares of Cirrus Logic from $200.00 to $170.00 and set a "positive" rating for the company in a research report on Wednesday, October 21st. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $147.86.

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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