Twin Capital Management Inc. Invests $1.32 Million in Cirrus Logic, Inc. $CRUS

Key Points

• Twin Capital Management initiated a new position in Cirrus Logic during the first quarter, buying 9,124 shares worth about $1.32 million.
• Insider selling has been notable, with CEO John Forsyth and EVP Justin E. Dougherty selling shares in recent transactions; insiders have sold 22,299 shares over the last quarter.
• Cirrus Logic reported better-than-expected quarterly results, posting $1.95 EPS on revenue of $448.5 million, while analysts currently rate the stock a consensus Moderate Buy with a target price of $160.29.

Twin Capital Management Inc. bought a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 9,124 shares of the semiconductor company's stock, valued at approximately $1,320,000.

A number of other large investors have also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd raised its position in 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 worth $26,000 after buying an additional 220 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in shares of Cirrus Logic by 120.0% in the 1st 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. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Cirrus Logic in the 4th quarter valued at $33,000. Torren Management LLC acquired a new stake in shares of Cirrus Logic in the fourth quarter worth $35,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Cirrus Logic in the fourth quarter worth $36,000. Hedge funds and other institutional investors own 87.96% of the company's stock.

Insider Transactions at Cirrus Logic

In related news, CEO John Forsyth sold 5,000 shares of the company's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $170.41, for a total value of $852,050.00. Following the completion of the transaction, the chief executive officer owned 70,016 shares of the company's stock, valued at approximately $11,931,426.56. This represents a 6.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of the company's stock in a transaction dated Thursday, May 21st. The stock was 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 $755,410.50. The trade was a 30.60% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 22,299 shares of company stock worth $3,581,647 over the last quarter. Company insiders own 1.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRUS. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Barclays lifted their price objective 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. Zacks Research cut Cirrus Logic from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. KeyCorp lowered their target price on Cirrus Logic from $200.00 to $190.00 and set an "overweight" rating on the stock in a research note on Tuesday. Finally, Jefferies Financial Group upgraded Cirrus Logic to a "buy" rating in a research report on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $160.29.

Cirrus Logic Stock Performance

CRUS stock opened at $139.07 on Thursday. The firm has a market cap of $7.02 billion, a PE ratio of 17.74 and a beta of 1.17. The firm's fifty day moving average is $160.71 and its 200 day moving average is $147.76. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating analysts' consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company had revenue of $448.52 million during the quarter, compared to analysts' expectations of $442.25 million. During the same quarter in the previous year, the company earned $1.67 earnings per share. The firm's revenue for the quarter was up 5.7% on a year-over-year basis. Research analysts predict that Cirrus Logic, Inc. will post 8.05 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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