Wellington Management Group LLP Sells 661,790 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• Wellington Management cut its Cirrus Logic stake by 50.4% in the second quarter, selling 661,790 shares and retaining 652,160 shares valued at approximately $96.9 million. Institutional investors still own about 87.96% of the company.
• Cirrus Logic exceeded quarterly EPS expectations, reporting $1.84 versus the $1.81 consensus, while revenue rose 12.9% year over year to $459.72 million. However, executives sold shares recently, with insiders disposing of 11,424 shares worth roughly $1.64 million over three months.
• Analyst sentiment is mixed: the stock has an average “Hold” rating and a consensus price target of $150.71, despite Stifel Nicolaus and KeyCorp maintaining positive ratings with reduced targets.

Wellington Management Group LLP lowered its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 50.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 652,160 shares of the semiconductor company's stock after selling 661,790 shares during the period. Wellington Management Group LLP owned about 1.30% of Cirrus Logic worth $96,865,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Parallel Advisors LLC increased its position in shares of Cirrus Logic by 6.2% during the 4th quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company's stock valued at $162,000 after purchasing an additional 80 shares during the last quarter. CIBC Private Wealth Group LLC lifted its position in 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 buying an additional 88 shares during the last quarter. EP Wealth Advisors LLC boosted its stake in Cirrus Logic by 1.7% in the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company's stock worth $598,000 after buying an additional 95 shares in the last quarter. Diversified Trust Co boosted its stake in Cirrus Logic by 1.1% in the first quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company's stock worth $1,316,000 after buying an additional 102 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its position 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 acquiring an additional 120 shares during the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Jeffrey W. Baumgartner sold 1,166 shares of the company's stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $117.89, for a total transaction of $137,459.74. Following the completion of the transaction, the executive vice president directly owned 14,073 shares of the company's stock, valued at approximately $1,659,065.97. This represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the sale, the executive vice president owned 7,203 shares of the company's stock, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 11,424 shares of company stock valued at $1,644,091 in the last three months. 1.20% of the stock is currently owned by corporate insiders.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $109.07 on Wednesday. The company has a market capitalization of $5.47 billion, a P/E ratio of 13.35 and a beta of 1.16. Cirrus Logic, Inc. has a fifty-two week low of $106.26 and a fifty-two week high of $180.42. The stock has a 50 day moving average price of $131.76 and a two-hundred day moving average price of $147.11.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The firm had revenue of $459.72 million for the quarter, compared to analysts' expectations of $460.32 million. During the same quarter last year, the business earned $1.51 earnings per share. The business's revenue was up 12.9% on a year-over-year basis. As a group, equities analysts predict that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on CRUS. Stifel Nicolaus decreased their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. KeyCorp reduced their target price on shares of Cirrus Logic from $190.00 to $170.00 and set an "overweight" rating on the stock in a report on Thursday, August 6th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Zacks Research downgraded shares of Cirrus Logic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 14th. Finally, Jefferies Financial Group upgraded shares of 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, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Cirrus Logic presently has an average rating of "Hold" and a consensus target price of $150.71.

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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