Legal & General Group Plc Makes New Investment in Cirrus Logic, Inc. $CRUS

Key Points

• Legal & General Group Plc acquired 70,152 Cirrus Logic shares worth approximately $10.42 million, giving it a 0.14% stake. Institutional investors collectively own 87.96% of the semiconductor company.
• Cirrus Logic reported quarterly earnings of $1.84 per share, beating estimates by $0.03, while revenue rose 12.9% year over year to $459.72 million. The company posted a 21% net margin and 20.61% return on equity.
• CRUS opened at $109.51, well below its 52-week high of $180.42. Analysts’ consensus rating is Hold, with an average price target of $150.71, despite five Buy ratings among nine analysts.

Legal & General Group Plc acquired a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 70,152 shares of the semiconductor company's stock, valued at approximately $10,420,000. Legal & General Group Plc owned about 0.14% of Cirrus Logic at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CRUS. BlackRock Inc. bought a new position in Cirrus Logic in the 2nd quarter valued at about $840,638,000. Norges Bank bought a new position in shares of Cirrus Logic during the fourth quarter worth approximately $69,674,000. Bank of New York Mellon Corp bought a new position in shares of Cirrus Logic during the second quarter worth approximately $55,562,000. Invesco Ltd. lifted its holdings in Cirrus Logic by 133.6% during the 4th quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company's stock worth $76,136,000 after purchasing an additional 367,488 shares during the last quarter. Finally, Defiance ETFs LLC bought a new stake in Cirrus Logic in the 4th quarter valued at $38,050,000. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Stock Performance

CRUS opened at $109.51 on Tuesday. Cirrus Logic, Inc. has a 52-week low of $108.08 and a 52-week high of $180.42. The firm has a market cap of $5.49 billion, a P/E ratio of 13.40 and a beta of 1.18. The business's fifty day moving average is $132.73 and its 200-day moving average is $147.33.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.03. The business had revenue of $459.72 million during the quarter, compared to analysts' expectations 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 quarter in the prior year, the business posted $1.51 earnings per share. On average, research analysts predict that Cirrus Logic, Inc. will post 7.32 earnings per share for the current fiscal year.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, EVP Scott Thomas sold 1,300 shares of the business's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total transaction of $234,052.00. Following the completion of the transaction, the executive vice president directly owned 31,048 shares in the company, valued at $5,589,881.92. The trade was a 4.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,458 shares of the company's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $145.97, for a total value of $212,824.26. Following the sale, the executive vice president owned 16,405 shares of the company's stock, valued at $2,394,637.85. The trade was a 8.16% 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 12,724 shares of company stock valued at $1,878,143 over the last three months. 1.20% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRUS. Jefferies Financial Group upgraded Cirrus Logic to a "buy" rating in a research report on Thursday, June 4th. Wall Street Zen cut shares of Cirrus Logic from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Stifel Nicolaus lowered their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Finally, Barclays cut their price objective 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. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $150.71.

Cirrus Logic 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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