Royce & Associates LP Has $79.20 Million Stock Holdings in Cirrus Logic, Inc. $CRUS

Key Points

• Royce & Associates LP trimmed its Cirrus Logic stake by 6.4% in the fourth quarter, but still owned 668,334 shares valued at about $79.2 million, making CRUS its 8th-largest position.
• Cirrus Logic’s latest quarterly results topped expectations, with EPS of $1.95 versus $1.76 expected and revenue of $448.5 million, up 5.7% year over year.
• Wall Street sentiment is mixed but constructive: analysts rate the stock a Moderate Buy overall, with an average target price of $161.71, while insiders have recently sold shares and the stock was trading near $171.17.

Royce & Associates LP lowered its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 6.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 668,334 shares of the semiconductor company's stock after selling 45,665 shares during the quarter. Cirrus Logic accounts for 0.8% of Royce & Associates LP's portfolio, making the stock its 8th biggest position. Royce & Associates LP owned 1.31% of Cirrus Logic worth $79,198,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRUS. Vaughan Nelson Investment Management L.P. lifted 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 purchasing an additional 328,159 shares during the last quarter. Vanguard Group Inc. lifted its position in Cirrus Logic by 4.2% in 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 during the last quarter. Arbejdsmarkedets Tillaegspension purchased a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $21,988,000. Voloridge Investment Management LLC purchased a new position in shares of Cirrus Logic during the third quarter valued at approximately $19,508,000. Finally, Barclays PLC increased its stake in shares of Cirrus Logic by 234.4% during the third quarter. Barclays PLC now owns 183,122 shares of the semiconductor company's stock valued at $22,943,000 after buying an additional 128,362 shares during the period. Institutional investors own 87.96% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CRUS shares. KeyCorp boosted their target price on Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Barclays boosted their target price on Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a research note on Thursday, May 7th. Loop Capital cut Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 target price on the stock. in a research note on Monday, February 2nd. Zacks Research cut Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Cirrus Logic in a research note on Friday, March 27th. Four equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Cirrus Logic currently has a consensus rating of "Moderate Buy" and an average target price of $161.71.

Insider Buying and Selling

In related news, EVP Scott Thomas sold 9,942 shares of the company's stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $160.11, for a total value of $1,591,813.62. Following the sale, the executive vice president directly owned 30,393 shares of the company's stock, valued at $4,866,223.23. This represents a 24.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alexander M. Davern sold 1,000 shares of the company's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total value of $159,000.00. Following the completion of the sale, the director directly owned 20,531 shares in the company, valued at approximately $3,264,429. The trade was a 4.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 15,942 shares of company stock valued at $2,602,864 over the last ninety days. Company insiders own 1.16% of the company's stock.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $171.17 on Tuesday. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 21.83 and a beta of 1.16. The business's fifty day moving average is $157.02 and its 200 day moving average is $137.78. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $179.00.

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

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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