Ieq Capital LLC bought a new position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 22,861 shares of the semiconductor company's stock, valued at approximately $3,396,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Royal Bank of Canada grew its holdings in Cirrus Logic by 92.3% during the first quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company's stock worth $7,189,000 after acquiring an additional 34,629 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Cirrus Logic by 24.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company's stock worth $132,000 after purchasing an additional 263 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Cirrus Logic by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company's stock valued at $21,372,000 after purchasing an additional 9,658 shares during the last quarter. Focus Partners Wealth acquired a new stake in Cirrus Logic in the first quarter valued at $361,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company's stock valued at $47,000 after buying an additional 232 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.
Insiders Place Their Bets
In other Cirrus Logic news, EVP Scott Thomas sold 1,300 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total transaction of $234,052.00. Following the completion of the sale, the executive vice president owned 31,048 shares in the company, valued at $5,589,881.92. This trade represents a 4.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction on Monday, June 29th. The shares were sold at an average price of $144.71, for a total transaction of $935,405.44. Following the transaction, the executive vice president owned 7,203 shares in the company, valued at $1,042,346.13. This trade represents a 47.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 16,631 shares of company stock worth $2,536,629 in the last 90 days. 1.20% of the stock is owned by company insiders.
Cirrus Logic Trading Down 3.2%
Shares of NASDAQ:CRUS opened at $111.64 on Tuesday. Cirrus Logic, Inc. has a 12-month low of $109.88 and a 12-month high of $180.42. The stock's 50-day moving average price is $138.06 and its two-hundred day moving average price is $148.38. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of 13.66 and a beta of 1.18.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $460.32 million. During the same period in the prior year, the firm posted $1.51 EPS. The business's revenue for the quarter was up 12.9% on a year-over-year basis. As a group, research analysts forecast that Cirrus Logic, Inc. will post 7.47 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on CRUS. Wall Street Zen downgraded shares of Cirrus Logic from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Zacks Research lowered Cirrus Logic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. KeyCorp lowered their target price on Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating on the stock in a report on Thursday, August 6th. Finally, Stifel Nicolaus dropped their price target on Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $150.71.
Read Our Latest Stock Analysis on Cirrus Logic
Cirrus Logic Company Profile
(
Free Report)
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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