Renaissance Technologies LLC Buys 74,477 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• Renaissance Technologies increased its Cirrus Logic stake by 49% in the first quarter, purchasing 74,477 additional shares and bringing its holdings to 226,520 shares worth approximately $32.8 million.
• Cirrus Logic exceeded quarterly expectations, reporting $1.95 in earnings per share on $448.5 million in revenue, while revenue grew 5.7% year over year. Institutional investors own 87.96% of the company.
• Analyst sentiment remains moderately positive, with five Buy ratings and four Holds and an average price target of $160.29. However, insiders sold 23,465 shares worth $3.74 million over the past quarter.

Renaissance Technologies LLC grew its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 49.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 226,520 shares of the semiconductor company's stock after purchasing an additional 74,477 shares during the quarter. Renaissance Technologies LLC owned about 0.44% of Cirrus Logic worth $32,759,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Public Employees Retirement System of Ohio boosted its holdings in shares of Cirrus Logic by 13.4% in the 1st quarter. Public Employees Retirement System of Ohio now owns 19,639 shares of the semiconductor company's stock valued at $2,840,000 after buying an additional 2,318 shares during the last quarter. Oak Associates Ltd. OH increased its holdings in Cirrus Logic by 22.8% during the first quarter. Oak Associates Ltd. OH now owns 51,192 shares of the semiconductor company's stock worth $7,403,000 after buying an additional 9,517 shares during the last quarter. Caxton Associates LLP bought a new stake in Cirrus Logic during the first quarter worth $1,111,000. State of Wyoming raised its position in Cirrus Logic by 31.9% during the first quarter. State of Wyoming now owns 1,490 shares of the semiconductor company's stock worth $215,000 after acquiring an additional 360 shares in the last quarter. Finally, Measured Wealth Private Client Group LLC acquired a new stake in Cirrus Logic in the first quarter valued at $530,000. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Stock Up 0.0%

Shares of NASDAQ:CRUS opened at $136.16 on Wednesday. Cirrus Logic, Inc. has a 12-month low of $92.02 and a 12-month high of $180.42. The business has a 50 day moving average of $155.42 and a 200-day moving average of $148.82. The stock has a market cap of $6.87 billion, a PE ratio of 17.37 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping analysts' consensus estimates of $1.76 by $0.19. The company had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.25 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The firm's quarterly revenue was up 5.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.67 earnings per share. Equities research analysts expect that Cirrus Logic, Inc. will post 7.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Jefferies Financial Group raised shares of Cirrus Logic to a "buy" rating in a research report on Thursday, June 4th. Barclays upped their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a report on Thursday, May 7th. Zacks Research downgraded shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. KeyCorp reduced their price target on Cirrus Logic from $200.00 to $190.00 and set an "overweight" rating for the company in a report on Tuesday, July 14th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $160.29.

Insider Transactions at Cirrus Logic

In other 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 sale, the executive vice president 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 can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Scott Thomas sold 1,300 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total transaction of $234,052.00. Following the completion of the transaction, the executive vice president owned 31,048 shares in the company, valued at $5,589,881.92. This trade represents a 4.02% decrease in their ownership of the stock. 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. Over the last quarter, insiders sold 23,465 shares of company stock worth $3,743,219. 1.20% of the stock is currently owned by company insiders.

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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