Squarepoint Ops LLC Sells 103,267 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• Squarepoint Ops LLC cut its Cirrus Logic stake by 53.6% in the second quarter, selling 103,267 shares and retaining 89,421 shares valued at approximately $13.3 million. Institutional investors and hedge funds collectively own 87.96% of the company.
• Analyst sentiment is mixed: five analysts rate CRUS a Buy, three a Hold, and one a Sell, resulting in a consensus Hold rating and an average price target of $150.71.
• Cirrus Logic’s latest quarterly results slightly exceeded expectations, with EPS of $1.84 versus a $1.81 consensus estimate and revenue of $459.72 million. Revenue increased 12.9% year over year, while the stock recently traded at $110.72, near its 52-week low of $106.26.

Squarepoint Ops LLC decreased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 53.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 89,421 shares of the semiconductor company's stock after selling 103,267 shares during the quarter. Squarepoint Ops LLC owned about 0.18% of Cirrus Logic worth $13,282,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CRUS. Geneos Wealth Management Inc. boosted its stake 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 acquiring an additional 120 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company's stock valued at $26,000 after acquiring an additional 220 shares during the last quarter. Elevation Wealth Partners LLC lifted its stake in shares of Cirrus Logic by 72.5% in the 2nd quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company's stock valued at $44,000 after purchasing an additional 124 shares during the period. Kestra Advisory Services LLC acquired a new position in shares of Cirrus Logic in the 4th quarter valued at $36,000. Finally, CIBC Private Wealth Group LLC boosted its position in shares of Cirrus Logic by 29.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company's stock worth $46,000 after purchasing an additional 88 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRUS has been the subject of a number of recent analyst reports. Jefferies Financial Group upgraded Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Zacks Research lowered Cirrus Logic from a "hold" rating to a "strong sell" rating in a research report on Friday, August 14th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Barclays reduced 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. Finally, KeyCorp lowered their target price on shares of Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating for the company in a research note on Thursday, August 6th. Five analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Cirrus Logic presently has a consensus rating of "Hold" and an average target price of $150.71.

Insider Buying and Selling

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of the business's stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the transaction, the executive vice president owned 7,203 shares of the company's stock, valued at $1,042,346.13. The trade was a 47.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,458 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $145.97, for a total value of $212,824.26. Following the completion of the sale, the executive vice president owned 16,405 shares in the company, valued at approximately $2,394,637.85. This trade represents a 8.16% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 11,424 shares of company stock valued at $1,644,091. Corporate insiders own 1.20% of the company's stock.

Cirrus Logic Stock Performance

NASDAQ CRUS opened at $110.72 on Thursday. The stock has a market cap of $5.55 billion, a price-to-earnings ratio of 13.55 and a beta of 1.16. The business has a 50 day simple moving average of $127.25 and a 200 day simple moving average of $145.79. Cirrus Logic, Inc. has a 52-week low of $106.26 and a 52-week high of $180.42.

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