Quantbot Technologies LP Decreases Stock Holdings in Cirrus Logic, Inc. $CRUS

Key Points

• Quantbot Technologies LP cut its Cirrus Logic stake by 85.5% in Q3, selling 22,774 shares and retaining 3,872 shares worth about $485,000.
• Large institutions remain dominant holders — Vanguard now owns 6,622,431 shares (~$829.7M) and overall hedge funds/institutions hold about 87.96% of the stock, with other big moves from Norges Bank, DNB and Qube Research.
• Cirrus Logic beat Q3 expectations (EPS of $2.97 vs. $2.37 consensus; revenue $580.6M) and the stock carries a MarketBeat consensus of "Moderate Buy" with an average price target of $146.86.

Quantbot Technologies LP reduced its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 85.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 3,872 shares of the semiconductor company's stock after selling 22,774 shares during the quarter. Quantbot Technologies LP's holdings in Cirrus Logic were worth $485,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRUS. Vanguard Group Inc. raised its stake in Cirrus Logic by 4.2% during the third quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company's stock valued at $829,724,000 after purchasing an additional 268,560 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Cirrus Logic by 4.6% in the 2nd quarter. Sei Investments Co. now owns 906,577 shares of the semiconductor company's stock worth $94,517,000 after buying an additional 40,149 shares during the last quarter. Norges Bank bought a new stake in shares of Cirrus Logic in the 2nd quarter worth about $68,744,000. DNB Asset Management AS raised its position in shares of Cirrus Logic by 5.5% during 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 in the last quarter. Finally, Qube Research & Technologies Ltd raised its position in shares of Cirrus Logic by 11.9% during the 2nd quarter. Qube Research & Technologies Ltd now owns 497,639 shares of the semiconductor company's stock valued at $51,881,000 after buying an additional 52,774 shares in the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on CRUS. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a research report on Monday, December 29th. Benchmark upped 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. Loop Capital lowered Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 price objective for the company. in a research note on Monday, February 2nd. Barclays lifted their target price on Cirrus Logic from $110.00 to $120.00 and gave the stock an "equal weight" rating in a report on Tuesday, March 3rd. Finally, Stifel Nicolaus increased their price target on Cirrus Logic from $150.00 to $163.00 and gave the company a "buy" rating in a report on Wednesday, February 4th. One 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's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $146.86.

Insider Buying and Selling

In other Cirrus Logic news, EVP Justin E. Dougherty sold 3,000 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $143.16, for a total value of $429,480.00. Following the sale, the executive vice president owned 5,876 shares in the company, valued at $841,208.16. This trade represents a 33.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Thomas sold 3,239 shares of Cirrus Logic stock in a transaction on Friday, February 13th. The stock was sold at an average price of $141.63, for a total value of $458,739.57. Following the sale, the executive vice president owned 30,393 shares of the company's stock, valued at approximately $4,304,560.59. This trade represents a 9.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 28,045 shares of company stock valued at $3,835,300. Insiders own 1.16% of the company's stock.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $133.96 on Tuesday. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $146.88. The firm has a market capitalization of $6.83 billion, a P/E ratio of 17.65 and a beta of 1.12. The company's 50-day moving average is $132.42 and its 200 day moving average is $125.55.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.37 by $0.60. The business had revenue of $580.62 million during the quarter, compared to the consensus estimate of $531.43 million. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. The firm's quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the firm earned $2.51 earnings per share. Research analysts anticipate that Cirrus Logic, Inc. will post 5.63 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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