QRG Capital Management Inc. Purchases Shares of 6,912 Cirrus Logic, Inc. $CRUS

Key Points

• QRG Capital Management initiated a new position in Cirrus Logic during the first quarter, buying 6,912 shares valued at about $1 million.
• Cirrus Logic reported stronger-than-expected quarterly results, posting $1.95 EPS versus the $1.76 estimate and revenue of $448.5 million, up 5.7% year over year.
• Analyst sentiment remains constructive overall, with five Buy ratings, four Hold ratings, and an average price target of $161.71.

QRG Capital Management Inc. bought a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 6,912 shares of the semiconductor company's stock, valued at approximately $1,000,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Cirrus Logic during the 4th quarter worth approximately $69,674,000. Invesco Ltd. grew its position in Cirrus Logic by 133.6% in the fourth quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company's stock valued at $76,136,000 after acquiring an additional 367,488 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in Cirrus Logic by 546.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company's stock valued at $46,005,000 after acquiring an additional 328,159 shares during the period. Defiance ETFs LLC acquired a new position in Cirrus Logic during the fourth quarter worth $38,050,000. Finally, Allianz Asset Management GmbH raised its stake in Cirrus Logic by 33.5% during the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company's stock worth $127,224,000 after acquiring an additional 269,391 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Justin E. Dougherty sold 2,000 shares of the business's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $166.50, for a total value of $333,000.00. Following the completion of the transaction, the executive vice president directly owned 4,537 shares of the company's stock, valued at approximately $755,410.50. The trade was a 30.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $168.54, for a total transaction of $658,485.78. Following the transaction, the executive vice president owned 17,575 shares in the company, valued at $2,962,090.50. The trade was a 18.19% decrease in their ownership of the stock. 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 22,299 shares of company stock worth $3,581,647 over the last quarter. Corporate insiders own 1.20% of the company's stock.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $146.79 on Thursday. The firm has a market cap of $7.41 billion, a P/E ratio of 18.72 and a beta of 1.17. The business's fifty day moving average is $162.68 and its two-hundred day moving average is $146.93. 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 announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, topping the consensus estimate of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The company had revenue of $448.52 million for the quarter, compared to analysts' expectations of $442.25 million. During the same quarter in the prior year, the business earned $1.67 earnings per share. The business's revenue for the quarter was up 5.7% on a year-over-year basis. On average, equities research analysts predict that Cirrus Logic, Inc. will post 8.05 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Barclays boosted their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a research note on Thursday, May 7th. Jefferies Financial Group raised shares of Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research note on Thursday, May 7th. Finally, KeyCorp upped their price objective on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an "overweight" rating in a research note on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $161.71.

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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