Public Employees Retirement System of Ohio Makes New $2.86 Million Investment in Cirrus Logic, Inc. $CRUS

Key Points

• Public Employees Retirement System of Ohio initiated a $2.86 million position in Cirrus Logic, purchasing 19,246 shares during the second quarter. Institutional investors and hedge funds collectively own 87.96% of the company.
• Analyst sentiment remains mixed: five analysts rate CRUS a Buy, three a Hold, and one a Sell. The consensus rating is Hold, with an average price target of $150.71 after several firms recently lowered their targets.
• Cirrus Logic beat quarterly earnings expectations with $1.84 in EPS versus $1.81 forecast, while revenue rose 12.9% year over year to $459.72 million. Shares opened at $113.21, near the lower end of their 52-week range, as insiders reported selling 11,424 shares worth about $1.64 million over the past three months.

Public Employees Retirement System of Ohio bought a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 19,246 shares of the semiconductor company's stock, valued at approximately $2,859,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CRUS. Caitong International Asset Management Co. Ltd boosted its holdings 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 worth $26,000 after buying an additional 220 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings 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. Kestra Advisory Services LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter valued at approximately $36,000. Elevation Wealth Partners LLC lifted its position in shares of Cirrus Logic by 72.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company's stock valued at $44,000 after acquiring an additional 124 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company's stock worth $46,000 after acquiring an additional 88 shares in the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on CRUS. Zacks Research downgraded Cirrus Logic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Stifel Nicolaus dropped their price target 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. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. KeyCorp decreased their price objective 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. Finally, Barclays lowered their price objective on shares of Cirrus Logic from $140.00 to $130.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 6th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $150.71.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of the business's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the transaction, the executive vice president directly owned 7,203 shares in the company, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,458 shares of the firm's stock in a transaction 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 sale, the executive vice president owned 16,405 shares in the company, valued at $2,394,637.85. This trade represents a 8.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 11,424 shares of company stock worth $1,644,091 in the last three months. Insiders own 1.20% of the company's stock.

Cirrus Logic Stock Up 0.1%

Shares of NASDAQ:CRUS opened at $113.21 on Friday. The company has a market capitalization of $5.67 billion, a P/E ratio of 13.86 and a beta of 1.16. Cirrus Logic, Inc. has a 52-week low of $106.26 and a 52-week high of $180.42. The stock's fifty day simple moving average is $129.38 and its 200-day simple moving average is $146.45.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The firm had revenue of $459.72 million during the quarter, compared to the consensus estimate of $460.32 million. During the same quarter in the previous year, the company posted $1.51 EPS. The firm's revenue for the quarter was up 12.9% on a year-over-year basis. On average, sell-side analysts anticipate that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

About Cirrus Logic

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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