Evergreen Capital Management LLC Has $1.62 Million Holdings in Cirrus Logic, Inc. $CRUS

Key Points

• Evergreen Capital Management increased its position in Cirrus Logic by 276.9% in the fourth quarter and now owns 13,631 shares worth about $1.62 million, while institutional investors collectively own roughly 87.96% of the company.
• Wall Street sentiment is broadly positive with a consensus rating of “Moderate Buy” and an average target price of $152.14, and several firms recently raised price targets (KeyCorp to $175).
• Cirrus Logic reported a quarterly EPS beat ($2.97 vs. $2.37) and revenue beat ($580.6M vs. $531.4M) and the stock trades near its 52‑week high (~$170), even as insiders sold about 37,987 shares (~$5.43M) in the past 90 days.

Evergreen Capital Management LLC lifted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 276.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,631 shares of the semiconductor company's stock after purchasing an additional 10,014 shares during the quarter. Evergreen Capital Management LLC's holdings in Cirrus Logic were worth $1,615,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Cirrus Logic by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company's stock worth $829,724,000 after purchasing an additional 268,560 shares in the last quarter. Earnest Partners LLC boosted its holdings in Cirrus Logic by 0.8% during the third quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company's stock valued at $168,980,000 after purchasing an additional 10,750 shares in the last quarter. Sei Investments Co. boosted its holdings in Cirrus Logic by 2.2% during the third quarter. Sei Investments Co. now owns 926,958 shares of the semiconductor company's stock valued at $116,140,000 after purchasing an additional 20,381 shares in the last quarter. Royce & Associates LP boosted its holdings in Cirrus Logic by 5.1% during the third quarter. Royce & Associates LP now owns 713,999 shares of the semiconductor company's stock valued at $89,457,000 after purchasing an additional 34,839 shares in the last quarter. Finally, DNB Asset Management AS boosted its holdings in Cirrus Logic by 5.5% during the third quarter. DNB Asset Management AS now owns 532,180 shares of the semiconductor company's stock valued at $66,677,000 after purchasing an additional 27,706 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CRUS. KeyCorp lifted their price objective on Cirrus Logic from $150.00 to $175.00 and gave the company an "overweight" rating in a report on Monday, April 6th. Barclays lifted their price objective on Cirrus Logic from $110.00 to $120.00 and gave the company an "equal weight" rating in a report on Tuesday, March 3rd. Loop Capital downgraded Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 price objective on the stock. in a report on Monday, February 2nd. Benchmark lifted their price objective on Cirrus Logic from $150.00 to $160.00 and gave the company a "buy" rating in a report on Wednesday, February 4th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $152.14.

Cirrus Logic Stock Up 0.1%

NASDAQ:CRUS opened at $169.89 on Thursday. The firm has a market cap of $8.67 billion, a PE ratio of 22.38 and a beta of 1.08. Cirrus Logic, Inc. has a 12 month low of $87.94 and a 12 month high of $173.00. The company's 50-day moving average price is $145.68 and its two-hundred day moving average price is $131.93.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 EPS for the quarter, beating analysts' consensus estimates of $2.37 by $0.60. The firm had revenue of $580.62 million for the quarter, compared to analyst estimates of $531.43 million. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. The company's revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.51 earnings per share. On average, research analysts expect that Cirrus Logic, Inc. will post 7.76 EPS for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, CEO John Forsyth sold 21,806 shares of the business's stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $135.15, for a total value of $2,947,080.90. Following the transaction, the chief executive officer directly owned 50,723 shares in the company, valued at $6,855,213.45. The trade was a 30.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Thomas sold 9,942 shares of the business's stock in a transaction dated Thursday, April 9th. The shares were sold at an average price of $160.11, for a total transaction of $1,591,813.62. Following the completion of the transaction, the executive vice president owned 30,393 shares in the company, valued at approximately $4,866,223.23. This trade represents a 24.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 37,987 shares of company stock worth $5,427,114 over the last ninety days. Corporate insiders own 1.16% 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.

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