Mirae Asset Global Investments Co. Ltd. Buys 11,081 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• Mirae Asset Global Investments initiated a Cirrus Logic position, buying 11,081 shares worth approximately $1.33 million in the third quarter. Institutional investors and hedge funds collectively own 87.96% of the company.
• Cirrus Logic reported quarterly EPS of $2.70, beating the $2.42 consensus, and revenue of $559.46 million, above expectations. Revenue was nevertheless down 0.2% year over year.
• Analyst views are mixed: the consensus rating is Hold with a $147.50 target price, while recent firms cut ratings or price targets. Shares opened at $113.58.

Mirae Asset Global Investments Co. Ltd. bought a new position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 11,081 shares of the semiconductor company's stock, valued at approximately $1,329,000.

A number of other hedge funds have also made changes to their positions in CRUS. Root Financial Partners LLC bought a new position in Cirrus Logic during the 3rd quarter valued at about $25,000. Geneos Wealth Management Inc. boosted its position in Cirrus Logic by 120.0% in the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company's stock valued at $32,000 after buying an additional 120 shares in the last quarter. SBI Securities Co. Ltd. boosted its position in Cirrus Logic by 267.7% in the third quarter. SBI Securities Co. Ltd. now owns 239 shares of the semiconductor company's stock valued at $29,000 after buying an additional 174 shares in the last quarter. V Square Quantitative Management LLC bought a new stake in Cirrus Logic during the third quarter worth about $30,000. Finally, Elevation Wealth Partners LLC grew its stake in Cirrus Logic by 72.5% during the second quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company's stock worth $44,000 after buying an additional 124 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CRUS shares. Wall Street Zen lowered shares of Cirrus Logic from a "buy" rating to a "hold" rating in a report on Sunday, October 18th. Barclays lowered Cirrus Logic from an "equal weight" rating to an "underweight" rating and decreased their price target for the stock from $130.00 to $95.00 in a research report on Tuesday, October 20th. Susquehanna dropped their price target on Cirrus Logic from $200.00 to $170.00 and set a "positive" rating for the company in a report on Wednesday, October 21st. Stifel Nicolaus cut their price objective 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. Finally, Zacks Research lowered Cirrus Logic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $147.50.

Insider Activity at Cirrus Logic

In other news, EVP Jeffrey Baumgartner sold 1,166 shares of the stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $107.75, for a total transaction of $125,636.50. Following the sale, the executive vice president directly owned 11,741 shares of the company's stock, valued at $1,265,092.75. This represents a 9.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 3,498 shares of company stock worth $401,850 over the last quarter. 1.20% of the stock is owned by corporate insiders.

Cirrus Logic Stock Up 3.0%

Shares of NASDAQ:CRUS opened at $113.58 on Friday. Cirrus Logic, Inc. has a 12 month low of $105.10 and a 12 month high of $180.42. The company's 50-day moving average price is $114.25 and its two-hundred day moving average price is $138.17. The firm has a market cap of $5.69 billion, a P/E ratio of 14.34 and a beta of 1.23.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The semiconductor company reported $2.70 earnings per share for the quarter, beating the consensus estimate of $2.42 by $0.28. Cirrus Logic had a net margin of 20.20% and a return on equity of 19.77%. The firm had revenue of $559.46 million during the quarter, compared to analysts' expectations of $540.37 million. During the same quarter last year, the company posted $2.83 EPS. The company's quarterly revenue was down .2% compared to the same quarter last year. As a group, equities analysts predict that Cirrus Logic, Inc. will post 7.20 earnings per share for the current fiscal year.

About Cirrus Logic

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company's product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.

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