Meeder Asset Management Inc. Lowers Position in Cirrus Logic, Inc. $CRUS

Key Points

• Meeder Asset Management sharply reduced its Cirrus Logic stake by 96.6% in the first quarter, leaving it with just 512 shares valued at about $74,000.
• Cirrus Logic reported better-than-expected quarterly results, posting EPS of $1.95 versus estimates of $1.76 and revenue of $448.5 million, up 5.7% from a year earlier.
• Analyst sentiment remains mixed but constructive, with the stock holding a Moderate Buy consensus and an average price target of $160.29; several recent reports included upgrades and target changes.

Meeder Asset Management Inc. decreased its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 96.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 512 shares of the semiconductor company's stock after selling 14,729 shares during the quarter. Meeder Asset Management Inc.'s holdings in Cirrus Logic were worth $74,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRUS. Caitong International Asset Management Co. Ltd grew its position 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 valued at $26,000 after buying an additional 220 shares during the period. Geneos Wealth Management Inc. raised its position 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 worth $32,000 after acquiring an additional 120 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Cirrus Logic in the fourth quarter worth about $33,000. Torren Management LLC purchased a new stake in shares of Cirrus Logic during the 4th quarter worth about $35,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of Cirrus Logic during the 4th quarter worth about $36,000. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Stock Up 0.1%

Cirrus Logic stock opened at $139.49 on Thursday. Cirrus Logic, Inc. has a 52-week low of $92.02 and a 52-week high of $180.42. The firm has a market capitalization of $7.04 billion, a price-to-earnings ratio of 17.79 and a beta of 1.17. The company has a fifty day simple moving average of $157.51 and a 200-day simple moving average of $148.41.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts' consensus estimates of $1.76 by $0.19. The business had revenue of $448.52 million during the quarter, compared to analysts' expectations of $442.25 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company's quarterly revenue was up 5.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.67 earnings per share. On average, research analysts anticipate that Cirrus Logic, Inc. will post 7.86 EPS for the current fiscal year.

Analysts Set New Price Targets

CRUS has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Jefferies Financial Group raised Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. KeyCorp cut their price objective on Cirrus Logic from $200.00 to $190.00 and set an "overweight" rating for the company in a research report on Tuesday, July 14th. Barclays boosted their price target on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an "equal weight" rating in a report on Thursday, May 7th. Finally, Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a report on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $160.29.

Insider Activity at Cirrus Logic

In other news, EVP Jeffrey W. Baumgartner sold 1,458 shares of the company's stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 16,405 shares in the company, valued at $2,394,637.85. This represents a 8.16% decrease in their ownership of the stock. The transaction 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, Director Alexander M. Davern sold 1,000 shares of the company's stock in a transaction that occurred on 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 owned 20,531 shares of the company's stock, valued at $3,264,429. This trade represents a 4.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 22,299 shares of company stock worth $3,581,647 in the last 90 days. 1.20% of the stock is owned by insiders.

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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