Cirrus Logic, Inc. $CRUS Shares Sold by Optas LLC

Optas LLC trimmed its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 48.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,126 shares of the semiconductor company’s stock after selling 3,904 shares during the quarter. Optas LLC’s holdings in Cirrus Logic were worth $597,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRUS. Caitong International Asset Management Co. Ltd boosted its position in Cirrus Logic by 7,333.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 220 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in Cirrus Logic during the 4th quarter worth approximately $33,000. Torren Management LLC purchased a new position in Cirrus Logic during the 4th quarter worth approximately $35,000. Kestra Advisory Services LLC acquired a new stake in Cirrus Logic during the 4th quarter valued at approximately $36,000. Finally, CIBC Private Wealth Group LLC lifted its stake in Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 88 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on CRUS shares. Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research note on Thursday, May 7th. Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. KeyCorp upped their price target on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Finally, Barclays lifted their price objective on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, Cirrus Logic currently has an average rating of “Moderate Buy” and a consensus price target of $161.71.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the transaction, the executive vice president owned 7,203 shares in the company, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their ownership of the stock. The sale 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, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total transaction of $159,000.00. Following the sale, the director directly owned 20,531 shares in the company, valued at approximately $3,264,429. The trade was a 4.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 32,241 shares of company stock valued at $5,173,460 in the last quarter. 1.20% of the stock is currently owned by insiders.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $146.24 on Friday. The firm has a market cap of $7.38 billion, a PE ratio of 18.65 and a beta of 1.17. Cirrus Logic, Inc. has a 12 month low of $92.02 and a 12 month high of $180.42. The stock’s 50 day simple moving average is $164.19 and its two-hundred day simple moving average is $146.19.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.25 million. During the same period in the previous year, the firm earned $1.67 EPS. The business’s quarterly revenue was up 5.7% on a year-over-year basis. On average, equities research analysts forecast that Cirrus Logic, Inc. will post 8.05 EPS for the current year.

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.