Future Fund LLC Sells 7,288 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• Future Fund LLC reduced its Cirrus Logic stake by 27.1% in the fourth quarter, selling 7,288 shares and leaving it with 19,646 shares valued at about $2.33 million.
• Cirrus Logic reported stronger-than-expected quarterly results, with EPS of $1.95 topping estimates of $1.76 and revenue of $448.52 million beating forecasts; revenue also rose 5.7% year over year.
• Analyst sentiment remains mixed but constructive, with a consensus rating of “Moderate Buy” and an average price target of $161.71, even as some firms recently downgraded or adjusted their targets.

Future Fund LLC lowered its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 27.1% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 19,646 shares of the semiconductor company's stock after selling 7,288 shares during the period. Future Fund LLC's holdings in Cirrus Logic were worth $2,328,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Thrivent Financial for Lutherans lifted its stake in Cirrus Logic by 102.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 25,341 shares of the semiconductor company's stock worth $3,175,000 after purchasing an additional 12,828 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its position in shares of Cirrus Logic by 9.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company's stock valued at $15,391,000 after buying an additional 11,607 shares in the last quarter. Mach 1 Financial Group LLC purchased a new stake in shares of Cirrus Logic during the 4th quarter valued at about $736,000. Vaughan Nelson Investment Management L.P. raised its position in shares of Cirrus Logic by 546.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company's stock valued at $46,005,000 after buying an additional 328,159 shares in the last quarter. Finally, Lecap Asset Management Ltd. purchased a new stake in shares of Cirrus Logic during the 4th quarter valued at about $888,000. Institutional investors own 87.96% of the company's stock.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $169.95 on Friday. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42. The firm has a market capitalization of $8.60 billion, a P/E ratio of 21.68 and a beta of 1.16. The company's 50-day moving average is $160.17 and its 200 day moving average is $139.19.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping analysts' consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.26 million. During the same period in the prior year, the company posted $1.67 EPS. The firm's revenue for the quarter was up 5.7% on a year-over-year basis. Research analysts anticipate that Cirrus Logic, Inc. will post 8.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CRUS has been the topic of several recent research reports. Zacks Research cut shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 27th. Benchmark upped their target price on shares of Cirrus Logic from $150.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, February 4th. Barclays upped their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a research report on Thursday, May 7th. Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a research report on Friday, March 27th. Finally, KeyCorp upped their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a research report on Thursday, May 7th. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Cirrus Logic presently has a consensus rating of "Moderate Buy" and an average target price of $161.71.

Insider Activity

In related news, EVP Justin E. Dougherty sold 2,000 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $166.50, for a total value of $333,000.00. Following the sale, the executive vice president directly owned 4,537 shares of the company's stock, valued at $755,410.50. This represents a 30.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alexander M. Davern sold 1,000 shares of the company's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total transaction of $159,000.00. Following the completion of the transaction, the director owned 20,531 shares in the company, valued at $3,264,429. This represents a 4.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 17,942 shares of company stock valued at $2,935,864. Company 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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