NFJ Investment Group LLC Makes New $2.68 Million Investment in Cirrus Logic, Inc. $CRUS

Key Points

• NFJ Investment Group initiated a $2.68 million position in Cirrus Logic during the second quarter, buying 18,069 shares. Institutional investors collectively own 87.96% of the company.
• Analyst sentiment is mixed: five analysts rate the stock a Buy, three recommend Hold and one recommends Sell. The consensus rating is Hold, with an average price target of $150.71 after several analysts reduced their targets.
• Cirrus Logic exceeded quarterly earnings expectations, reporting $1.84 in EPS versus $1.81 expected, while revenue rose 12.9% year over year to $459.72 million. Shares opened at $116.90, near the company’s $109.88 52-week low.

NFJ Investment Group LLC bought a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 18,069 shares of the semiconductor company's stock, valued at approximately $2,684,000.

A number of other large investors have also added to or reduced their stakes in CRUS. Virtus Advisers LLC acquired a new position in shares of Cirrus Logic in the 2nd quarter valued at $2,707,000. Vise Technologies Inc. acquired a new position in shares of Cirrus Logic in the second quarter worth about $887,000. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Cirrus Logic during the second quarter worth approximately $219,000. NewEdge Wealth LLC purchased a new position in shares of Cirrus Logic during the 2nd quarter valued at approximately $2,408,000. Finally, Foster & Motley Inc. acquired a new stake in Cirrus Logic in the 2nd quarter valued at $4,672,000. 87.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wall Street Zen cut shares of Cirrus Logic from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. KeyCorp dropped their target price on shares of Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating on the stock in a research report on Thursday, August 6th. Stifel Nicolaus cut their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Jefferies Financial Group upgraded Cirrus Logic to a "buy" rating in a research report on Thursday, June 4th. Finally, Barclays dropped 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 research note on Thursday, August 6th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cirrus Logic currently has an average rating of "Hold" and a consensus price target of $150.71.

Insiders Place Their Bets

In other news, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic 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 completion of the sale, the executive vice president directly owned 7,203 shares of the company's stock, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Scott Thomas sold 1,300 shares of the business's stock in a transaction 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 transaction, the executive vice president owned 31,048 shares of the company's stock, valued at approximately $5,589,881.92. The trade was a 4.02% decrease in their position. 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 a total of 15,465 shares of company stock worth $2,399,169 in the last quarter. 1.20% of the stock is owned by company insiders.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $116.90 on Friday. The firm's 50 day moving average price is $140.12 and its 200-day moving average price is $148.58. Cirrus Logic, Inc. has a one year low of $109.88 and a one year high of $180.42. The firm has a market cap of $5.86 billion, a P/E ratio of 14.31 and a beta of 1.18.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, beating 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 analysts' expectations of $460.32 million. During the same period in the previous year, the firm posted $1.51 earnings per share. The company's revenue was up 12.9% on a year-over-year basis. As a group, research analysts predict that Cirrus Logic, Inc. will post 7.47 EPS for the current fiscal year.

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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