Optas LLC Acquires 6,016 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• Optas LLC boosted its stake in Cirrus Logic by 298.7% in Q4, buying 6,016 shares to hold 8,030 shares worth about $952,000, while overall institutional ownership stands at roughly 87.96% and several other funds also increased positions.
• CEO John Forsyth and other insiders have been net sellers, with insiders offloading 37,987 shares (~$5.43M) in the past 90 days — Forsyth sold 21,806 shares (a 30.07% reduction) at an average of $135.15.
• Analysts maintain a consensus "Moderate Buy" with a $152.14 price target amid mixed upgrades/downgrades, and the stock sits near its 52-week high (~$170) after beating Q4 estimates with $2.97 EPS versus $2.37 expected and $580.6M revenue.

Optas LLC increased its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 298.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,030 shares of the semiconductor company's stock after buying an additional 6,016 shares during the quarter. Optas LLC's holdings in Cirrus Logic were worth $952,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CRUS. Evergreen Capital Management LLC raised its position in Cirrus Logic by 276.9% in the fourth quarter. Evergreen Capital Management LLC now owns 13,631 shares of the semiconductor company's stock worth $1,615,000 after acquiring an additional 10,014 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Cirrus Logic by 8.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,854 shares of the semiconductor company's stock valued at $2,234,000 after acquiring an additional 1,400 shares during the period. Financial Management Professionals Inc. grew its position in shares of Cirrus Logic by 44,620.0% during the 4th quarter. Financial Management Professionals Inc. now owns 2,236 shares of the semiconductor company's stock valued at $265,000 after acquiring an additional 2,231 shares during the period. Lecap Asset Management Ltd. purchased a new stake in shares of Cirrus Logic in the 4th quarter worth $888,000. Finally, Merit Financial Group LLC increased its stake in shares of Cirrus Logic by 9.5% in the 4th quarter. Merit Financial Group LLC now owns 5,673 shares of the semiconductor company's stock worth $672,000 after purchasing an additional 492 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CRUS has been the topic of several analyst reports. Loop Capital downgraded Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 target price on the stock. in a research report on Monday, February 2nd. Stifel Nicolaus upped their price target on Cirrus Logic from $163.00 to $175.00 and gave the stock a "buy" rating in a research report on Thursday. Barclays raised their price objective on Cirrus Logic from $110.00 to $120.00 and gave the stock an "equal weight" rating in a research note on Tuesday, March 3rd. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a research note on Friday, March 27th. Finally, KeyCorp increased their target price on shares of Cirrus Logic from $150.00 to $175.00 and gave the stock an "overweight" rating in a report on Monday, April 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $152.14.

Insider Buying and Selling at Cirrus Logic

In related news, CEO John Forsyth sold 21,806 shares of the business's stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total value of $2,947,080.90. Following the sale, the chief executive officer directly owned 50,723 shares in the company, valued at approximately $6,855,213.45. The trade was a 30.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Justin E. Dougherty sold 3,000 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $143.16, for a total value of $429,480.00. Following the transaction, the executive vice president directly owned 5,876 shares of the company's stock, valued at approximately $841,208.16. The trade was a 33.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 37,987 shares of company stock valued at $5,427,114 in the last 90 days. Insiders own 1.16% of the company's stock.

Cirrus Logic Stock Performance

CRUS stock opened at $168.38 on Tuesday. Cirrus Logic, Inc. has a one year low of $83.43 and a one year high of $170.04. The company's fifty day moving average price is $144.55 and its 200-day moving average price is $131.37. The company has a market capitalization of $8.59 billion, a PE ratio of 22.18 and a beta of 1.08.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.37 by $0.60. The company had revenue of $580.62 million during the quarter, compared to analysts' expectations of $531.43 million. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. Cirrus Logic's quarterly revenue was up 4.5% on a year-over-year basis. During the same period last year, the company posted $2.51 earnings per share. On average, research analysts predict that Cirrus Logic, Inc. will post 7.76 EPS for the current fiscal year.

Cirrus Logic Company 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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