Convergence Investment Partners LLC lowered its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 18.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 33,373 shares of the semiconductor company’s stock after selling 7,617 shares during the period. Convergence Investment Partners LLC owned 0.05% of Cirrus Logic worth $2,093,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Advisory Services Network LLC purchased a new position in Cirrus Logic during the first quarter worth $108,000. Huntington National Bank boosted its position in Cirrus Logic by 0.5% in the first quarter. Huntington National Bank now owns 2,442 shares of the semiconductor company’s stock worth $148,000 after buying an additional 11 shares during the last quarter. Mckinley Capital Management LLC Delaware purchased a new position in Cirrus Logic during the first quarter worth $174,000. Soros Fund Management LLC purchased a new position in Cirrus Logic during the first quarter worth $225,000. Finally, Envestnet Asset Management Inc. boosted its position in Cirrus Logic by 76.4% in the first quarter. Envestnet Asset Management Inc. now owns 3,778 shares of the semiconductor company’s stock worth $228,000 after buying an additional 1,636 shares during the last quarter. 94.48% of the stock is owned by hedge funds and other institutional investors.

Shares of Cirrus Logic, Inc. (NASDAQ CRUS) opened at 55.13 on Monday. The firm has a market cap of $3.52 billion, a price-to-earnings ratio of 12.89 and a beta of 0.01. The stock has a 50 day moving average of $62.38 and a 200 day moving average of $61.49. Cirrus Logic, Inc. has a 12 month low of $47.01 and a 12 month high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.15. The business had revenue of $320.70 million during the quarter, compared to the consensus estimate of $320.32 million. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The business’s revenue was up 23.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.44 EPS. On average, equities research analysts expect that Cirrus Logic, Inc. will post $4.74 EPS for the current fiscal year.

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CRUS has been the subject of a number of recent analyst reports. Vetr cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating and set a $70.00 price objective for the company. in a report on Tuesday, April 18th. Dougherty & Co lifted their price objective on shares of Cirrus Logic from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, May 4th. Stifel Nicolaus lifted their price objective on shares of Cirrus Logic from $70.00 to $73.00 and gave the company a “buy” rating in a report on Wednesday, May 24th. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective (up previously from $70.00) on shares of Cirrus Logic in a report on Thursday, June 1st. Finally, Pacific Crest reaffirmed an “overweight” rating and issued a $75.00 price objective on shares of Cirrus Logic in a report on Wednesday, June 21st. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Cirrus Logic presently has an average rating of “Buy” and a consensus price target of $68.59.

In other news, Director William D. Sherman sold 1,378 shares of the stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $61.84, for a total value of $85,215.52. Following the completion of the transaction, the director now owns 7,307 shares in the company, valued at approximately $451,864.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Scott Arnold Anderson sold 22,466 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $64.62, for a total transaction of $1,451,752.92. Following the completion of the transaction, the vice president now owns 24,432 shares of the company’s stock, valued at approximately $1,578,795.84. The disclosure for this sale can be found here. Insiders sold a total of 88,253 shares of company stock valued at $5,221,378 in the last quarter. Insiders own 1.92% of the company’s stock.

Cirrus Logic Company Profile

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.

Institutional Ownership by Quarter for Cirrus Logic (NASDAQ:CRUS)

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