Vanguard Group Inc. Reduces Position in Cirrus Logic, Inc. $CRUS

Key Points

• Vanguard reduced its stake in Cirrus Logic by 2.2%, selling 144,980 shares and now holds 6,477,451 shares — about 12.69% of the company valued at roughly $767.6 million.
• Insiders have been selling: CEO John Forsyth sold 21,806 shares (~$2.95M) and, along with other insider sales, about 37,987 shares (~$5.43M) were sold in the past 90 days, leaving insiders with 1.16% ownership.
• Company fundamentals remain strong — Cirrus beat Q results (EPS $2.97 vs. $2.37 est., revenue $580.6M vs. $531.4M) and analysts maintain a consensus "Moderate Buy" with an average target of about $152.14.

Vanguard Group Inc. decreased its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 2.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,477,451 shares of the semiconductor company's stock after selling 144,980 shares during the quarter. Vanguard Group Inc. owned approximately 12.69% of Cirrus Logic worth $767,578,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CRUS. Vaughan Nelson Investment Management L.P. boosted its position in shares of Cirrus Logic by 546.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company's stock valued at $46,005,000 after acquiring an additional 328,159 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Cirrus Logic by 1,356.2% during the 3rd quarter. SG Americas Securities LLC now owns 171,165 shares of the semiconductor company's stock valued at $21,445,000 after acquiring an additional 159,411 shares during the last quarter. Voloridge Investment Management LLC acquired a new position in Cirrus Logic in the third quarter valued at about $19,508,000. Barclays PLC lifted its position in Cirrus Logic by 234.4% in 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 last quarter. Finally, UBS Group AG lifted its position in Cirrus Logic by 50.1% in the third quarter. UBS Group AG now owns 342,189 shares of the semiconductor company's stock valued at $42,873,000 after buying an additional 114,172 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Insider Buying and Selling at Cirrus Logic

In other news, CEO John Forsyth sold 21,806 shares of the business's stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total transaction of $2,947,080.90. Following the completion of the sale, the chief executive officer owned 50,723 shares in the company, valued at approximately $6,855,213.45. The trade was a 30.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Justin E. Dougherty sold 3,000 shares of the business's stock in a transaction that occurred 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 transaction, the executive vice president directly 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 disclosure for this sale is available in the SEC filing. Insiders sold 37,987 shares of company stock worth $5,427,114 in the last 90 days. 1.16% of the stock is owned by company insiders.

Cirrus Logic Price Performance

Shares of NASDAQ CRUS opened at $164.24 on Friday. The stock has a fifty day moving average price of $148.45 and a 200 day moving average price of $133.76. Cirrus Logic, Inc. has a 1-year low of $91.32 and a 1-year high of $175.77. The company has a market cap of $8.38 billion, a PE ratio of 21.64 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings results 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 return on equity of 20.41% and a net margin of 20.47%.The business's revenue was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.51 EPS. Analysts anticipate that Cirrus Logic, Inc. will post 7.76 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on CRUS. Benchmark boosted their price target on shares of Cirrus Logic from $150.00 to $160.00 and gave the stock a "buy" rating in a research note on Wednesday, February 4th. Stifel Nicolaus upped their target price on shares of Cirrus Logic from $163.00 to $175.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Zacks Research lowered shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Barclays increased their price target on shares of Cirrus Logic from $110.00 to $120.00 and gave the company an "equal weight" rating in a research note on Tuesday, March 3rd. Finally, KeyCorp increased their price objective on Cirrus Logic from $150.00 to $175.00 and gave the company an "overweight" rating in a report on Monday, April 6th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $152.14.

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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