PNC Financial Services Group Inc. Purchases 7,686 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• PNC Financial Services increased its Cirrus Logic stake by 314.7% in the fourth quarter, buying 7,686 additional shares and bringing its total holdings to 10,128 shares worth about $1.2 million.
• Several analysts remain mixed on the stock: the consensus rating is Moderate Buy with an average price target of $161.71, though recent moves included both price-target increases and rating downgrades.
• Cirrus Logic reported strong quarterly results, with EPS of $1.95 beating estimates and revenue of $448.52 million topping expectations; shares recently traded near their 52-week high at $174.33 versus a high of $180.42.

PNC Financial Services Group Inc. raised its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 314.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 10,128 shares of the semiconductor company's stock after buying an additional 7,686 shares during the period. PNC Financial Services Group Inc.'s holdings in Cirrus Logic were worth $1,200,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Cirrus Logic by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company's stock valued at $829,724,000 after buying an additional 268,560 shares during the last quarter. Earnest Partners LLC boosted its position in Cirrus Logic by 0.8% in the 3rd quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company's stock valued at $168,980,000 after buying an additional 10,750 shares during the last quarter. Sei Investments Co. boosted its position in Cirrus Logic by 2.2% in the 3rd quarter. Sei Investments Co. now owns 926,958 shares of the semiconductor company's stock valued at $116,140,000 after buying an additional 20,381 shares during the last quarter. Royce & Associates LP boosted its position in Cirrus Logic by 5.1% in the 3rd quarter. Royce & Associates LP now owns 713,999 shares of the semiconductor company's stock valued at $89,457,000 after buying an additional 34,839 shares during the last quarter. Finally, DNB Asset Management AS boosted its position in Cirrus Logic by 5.5% in the 3rd quarter. DNB Asset Management AS now owns 532,180 shares of the semiconductor company's stock valued at $66,677,000 after buying an additional 27,706 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Barclays increased their price objective on Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a research report on Thursday, May 7th. Loop Capital lowered Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 price objective on the stock. in a research report on Monday, February 2nd. Benchmark increased their price objective on Cirrus Logic from $150.00 to $160.00 and gave the company a "buy" rating in a research report on Wednesday, February 4th. Zacks Research downgraded Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Finally, KeyCorp increased their price target on Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Four investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $161.71.

Insider Activity

In related news, CEO John Forsyth sold 5,000 shares of the firm's stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.41, for a total transaction of $852,050.00. Following the sale, the chief executive officer owned 70,016 shares of the company's stock, valued at approximately $11,931,426.56. This trade represents a 6.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of the firm's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total value of $333,000.00. Following the sale, the executive vice president directly owned 4,537 shares in the company, valued at $755,410.50. The trade was a 30.60% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 17,942 shares of company stock worth $2,935,864 in the last ninety days. Company insiders own 1.16% of the company's stock.

Cirrus Logic Stock Performance

Shares of NASDAQ CRUS opened at $174.33 on Friday. The stock has a market cap of $8.82 billion, a P/E ratio of 22.24 and a beta of 1.16. The firm has a 50 day moving average price of $159.45 and a 200 day moving average price of $138.97. Cirrus Logic, Inc. has a 52-week low of $92.02 and a 52-week high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.76 by $0.19. The firm had revenue of $448.52 million during the quarter, compared to analysts' expectations of $442.26 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business's revenue for the quarter was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.67 earnings per share. Analysts predict that Cirrus Logic, Inc. will post 8.01 earnings per share 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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