Wells Fargo & Company MN Has $11,821,000 Position in Cirrus Logic Inc. (CRUS)
Wells Fargo & Company MN decreased its position in shares of Cirrus Logic Inc. (NASDAQ:CRUS) by 63.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 222,389 shares of the company’s stock after selling 383,930 shares during the period. Wells Fargo & Company MN owned about 0.35% of Cirrus Logic worth $11,821,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of CRUS. Public Employees Retirement System of Ohio boosted its position in Cirrus Logic by 6.8% in the second quarter. Public Employees Retirement System of Ohio now owns 3,090 shares of the company’s stock worth $120,000 after buying an additional 196 shares during the period. World Asset Management Inc bought a new position in Cirrus Logic during the third quarter worth approximately $216,000. Shelton Capital Management bought a new position in Cirrus Logic during the second quarter worth approximately $207,000. Janney Montgomery Scott LLC bought a new position in Cirrus Logic during the second quarter worth approximately $225,000. Finally, Laurion Capital Management LP bought a new position in Cirrus Logic during the second quarter worth approximately $248,000. Institutional investors and hedge funds own 88.53% of the company’s stock.
Cirrus Logic Inc. (NASDAQ:CRUS) traded down 1.54% during mid-day trading on Wednesday, hitting $56.40. 460,754 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $54.88 and its 200-day moving average price is $47.11. Cirrus Logic Inc. has a one year low of $25.09 and a one year high of $59.50. The stock has a market cap of $3.59 billion, a PE ratio of 24.87 and a beta of 0.29.
Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Thursday, October 27th. The company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.30. The company earned $428.62 million during the quarter, compared to the consensus estimate of $396.75 million. Cirrus Logic had a return on equity of 18.83% and a net margin of 11.78%. Cirrus Logic’s revenue was up 39.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.65 EPS. On average, analysts forecast that Cirrus Logic Inc. will post $4.10 EPS for the current fiscal year.
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A number of research analysts have recently commented on CRUS shares. Pacific Crest restated an “equal weight” rating on shares of Cirrus Logic in a report on Monday, August 29th. Zacks Investment Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 27th. Craig Hallum started coverage on shares of Cirrus Logic in a report on Monday, November 21st. They issued a “hold” rating and a $60.00 price target on the stock. Stifel Nicolaus upped their price target on shares of Cirrus Logic from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday, September 8th. Finally, Canaccord Genuity upped their price target on shares of Cirrus Logic from $56.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, September 20th. Three analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $54.36.
In other news, Director William D. Sherman sold 6,462 shares of the business’s stock in a transaction dated Monday, November 28th. The stock was sold at an average price of $57.93, for a total transaction of $374,343.66. Following the completion of the transaction, the director now directly owns 5,229 shares of the company’s stock, valued at $302,915.97. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jason P. Rhode sold 90,156 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $48.57, for a total value of $4,378,876.92. Following the transaction, the chief executive officer now directly owns 179,680 shares of the company’s stock, valued at $8,727,057.60. The disclosure for this sale can be found here. 3.10% of the stock is owned by company insiders.
About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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