Corient Private Wealth LP Lowers Position in Cirrus Logic, Inc. $CRUS

Key Points

• Corient Private Wealth LP reduced its Cirrus Logic position by 9.6% in the second quarter, selling 11,705 shares and retaining 110,806 shares valued at approximately $16.5 million.
• Institutional ownership remains high at 87.96%, with California State Teachers Retirement System sharply increasing its stake and BlackRock and Bank of America initiating new positions.
• Analysts maintain a consensus “Hold” rating with a $150.71 target price, while recent quarterly earnings of $1.84 per share exceeded estimates and revenue rose 12.9% year over year.

Corient Private Wealth LP cut its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 9.6% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 110,806 shares of the semiconductor company's stock after selling 11,705 shares during the quarter. Corient Private Wealth LP owned about 0.22% of Cirrus Logic worth $16,458,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRUS. California State Teachers Retirement System lifted its position in Cirrus Logic by 14,777.9% during the second quarter. California State Teachers Retirement System now owns 8,769,954 shares of the semiconductor company's stock valued at $1,302,601,000 after buying an additional 8,711,008 shares during the period. BlackRock Inc. purchased a new stake in shares of Cirrus Logic in the 2nd quarter worth about $840,638,000. LSV Asset Management increased its stake in shares of Cirrus Logic by 1.0% in the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company's stock worth $279,215,000 after acquiring an additional 23,703 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Cirrus Logic by 6.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company's stock worth $192,055,000 after acquiring an additional 83,897 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Cirrus Logic in the 2nd quarter worth about $168,329,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CRUS shares. Weiss Ratings reissued a "hold (c+)" rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Stifel Nicolaus decreased their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Barclays lowered their target price on shares of Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating for the company in a report on Thursday, August 6th. Zacks Research cut Cirrus Logic from a "hold" rating to a "strong sell" rating in a research report on Friday, August 14th. Finally, Jefferies Financial Group upgraded Cirrus Logic to a "buy" rating in a research note on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $150.71.

Insider Buying and Selling

In related news, EVP Andrew Brannan sold 6,464 shares of the business's stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the transaction, the executive vice president directly owned 7,203 shares in the company, valued at $1,042,346.13. The trade was a 47.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,166 shares of the company's stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $117.89, for a total value of $137,459.74. Following the completion of the transaction, the executive vice president directly owned 14,073 shares in the company, valued at $1,659,065.97. This trade represents a 7.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 11,424 shares of company stock worth $1,644,091. Corporate insiders own 1.20% of the company's stock.

Cirrus Logic Price Performance

Shares of Cirrus Logic stock opened at $116.34 on Tuesday. The stock has a market cap of $5.83 billion, a price-to-earnings ratio of 14.24 and a beta of 1.16. The firm's 50-day moving average is $125.46 and its 200 day moving average is $145.23. Cirrus Logic, Inc. has a 1 year low of $106.26 and a 1 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 earnings per share for the quarter, beating analysts' consensus estimates of $1.81 by $0.03. The business had revenue of $459.72 million during the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. Cirrus Logic's revenue was up 12.9% compared to the same quarter last year. During the same period last year, the business earned $1.51 EPS. On average, equities analysts expect that Cirrus Logic, Inc. will post 7.32 EPS for the current fiscal year.

About Cirrus Logic

Cirrus Logic, Inc NASDAQ: CRUS is a fabless semiconductor company that develops high-performance, low-power integrated circuits and related software. Its products are designed to process audio and other mixed-signal information in electronic devices, helping manufacturers deliver high-quality sound, efficient power management and responsive user experiences.

The company's product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, smart codecs, haptic-control solutions and other mixed-signal components.

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