Virtus Advisers LLC Acquires New Stake in Cirrus Logic, Inc. $CRUS

Key Points

• Virtus Advisers acquired a new Cirrus Logic stake of 18,225 shares valued at approximately $2.7 million, making CRUS its 13th-largest holding. Institutional investors collectively own 87.96% of the company.
• Cirrus Logic reported quarterly EPS of $1.84, narrowly beating estimates, while revenue rose 12.9% year over year to $459.72 million. Shares opened at $116.90, well below their 52-week high of $180.42.
• Analyst sentiment is mixed, with an overall “Hold” rating and an average price target of $150.71; several firms recently cut their targets. Company insiders also sold 15,465 shares worth about $2.4 million over the past three months.

Virtus Advisers LLC bought a new position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 18,225 shares of the semiconductor company's stock, valued at approximately $2,707,000. Cirrus Logic comprises 1.0% of Virtus Advisers LLC's holdings, making the stock its 13th biggest position.

A number of other institutional investors have also recently made changes to their positions in CRUS. Caitong International Asset Management Co. Ltd increased its holdings in Cirrus Logic by 7,333.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company's stock worth $26,000 after acquiring an additional 220 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 120 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in Cirrus Logic during the fourth quarter valued at about $33,000. Torren Management LLC bought a new position in Cirrus Logic during the fourth quarter worth about $35,000. Finally, Kestra Advisory Services LLC bought a new position in Cirrus Logic during the fourth quarter worth about $36,000. Hedge funds and other institutional investors own 87.96% of the company's stock.

Cirrus Logic Trading Down 1.0%

Shares of NASDAQ CRUS opened at $116.90 on Friday. The stock has a market cap of $5.86 billion, a price-to-earnings ratio of 14.31 and a beta of 1.18. Cirrus Logic, Inc. has a 1-year low of $109.88 and a 1-year high of $180.42. The stock's 50-day moving average is $140.12 and its 200 day moving average is $148.58.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, beating the consensus estimate of $1.81 by $0.03. The company had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The firm's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.51 EPS. On average, analysts forecast that Cirrus Logic, Inc. will post 7.47 EPS for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Andrew Brannan sold 6,464 shares of the business's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the sale, the executive vice president owned 7,203 shares of the company's stock, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Scott Thomas sold 1,300 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total value of $234,052.00. Following the sale, the executive vice president owned 31,048 shares of the company's stock, valued at $5,589,881.92. This represents a 4.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 15,465 shares of company stock worth $2,399,169 over the last three months. Company insiders own 1.20% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on CRUS shares. Barclays dropped their price target 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. Stifel Nicolaus dropped their target price on Cirrus Logic from $197.00 to $160.00 and set a "buy" rating on the stock in a research report on Thursday, August 6th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Wall Street Zen cut Cirrus Logic from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Zacks Research lowered Cirrus Logic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $150.71.

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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