CX Institutional Has $92,000 Stock Holdings in Cirrus Logic, Inc. $CRUS

Key Points

• CX Institutional cut its Cirrus Logic position by 99.2% in the second quarter, selling 73,164 shares and retaining 622 shares valued at approximately $92,000. Institutional investors and hedge funds collectively own 87.96% of the company.
• Cirrus Logic reported quarterly EPS of $1.84, beating estimates by $0.03, while revenue reached $459.72 million and increased 12.9% year over year. The stock opened at $124.92, well below its 52-week high of $180.42.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and a $150.71 price target, although Barclays and Stifel recently lowered their targets. Insiders sold 18,465 shares worth about $2.89 million over the past 90 days.

CX Institutional decreased its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 99.2% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 622 shares of the semiconductor company's stock after selling 73,164 shares during the period. CX Institutional's holdings in Cirrus Logic were worth $92,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the company. Geneos Wealth Management Inc. raised its holdings in shares of Cirrus Logic by 120.0% in the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 120 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Cirrus Logic by 7,333.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 220 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new position in Cirrus Logic during the fourth quarter worth $33,000. Torren Management LLC bought a new position in Cirrus Logic in the fourth quarter valued at $35,000. Finally, Kestra Advisory Services LLC bought a new position in Cirrus Logic in the fourth quarter valued at $36,000. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Stock Performance

NASDAQ:CRUS opened at $124.92 on Monday. The stock has a market capitalization of $6.26 billion, a PE ratio of 15.29 and a beta of 1.18. Cirrus Logic, Inc. has a 1-year low of $99.78 and a 1-year high of $180.42. The firm has a fifty day simple moving average of $148.68 and a 200 day simple moving average of $149.17.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.03. The firm had revenue of $459.72 million for 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%. The company's quarterly revenue was up 12.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.51 earnings per share. On average, equities analysts predict that Cirrus Logic, Inc. will post 7.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

CRUS has been the topic of several analyst reports. Barclays cut their price target on shares of Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating on the stock in a research report on Thursday. Wall Street Zen cut Cirrus Logic from a "buy" rating to a "hold" rating in a report on Saturday. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a research report on Thursday, June 4th. Stifel Nicolaus dropped their target price on Cirrus Logic from $197.00 to $160.00 and set a "buy" rating on the stock in a report on Thursday. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Cirrus Logic presently has a consensus rating of "Moderate Buy" and a consensus price target of $150.71.

Insider Activity at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $3,264,429. This trade represents a 4.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Justin E. Dougherty sold 2,000 shares of Cirrus Logic stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $166.50, for a total value of $333,000.00. Following the transaction, the executive vice president owned 4,537 shares of the company's stock, valued at $755,410.50. The trade was a 30.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 18,465 shares of company stock worth $2,891,169 over the last ninety days. Company insiders own 1.20% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source