Legal & General Group Plc Purchases Shares of 70,152 Cirrus Logic, Inc. $CRUS

Legal & General Group Plc acquired a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 70,152 shares of the semiconductor company’s stock, valued at approximately $10,420,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. LSV Asset Management increased its position in shares of Cirrus Logic by 1.0% during the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock valued at $279,215,000 after acquiring an additional 23,703 shares during the last quarter. Mach 1 Financial Group LLC purchased a new position in Cirrus Logic in the fourth quarter worth $736,000. Arbejdsmarkedets Tillaegspension bought a new position in Cirrus Logic in the 4th quarter valued at $21,988,000. Assenagon Asset Management S.A. grew its stake in Cirrus Logic by 37.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company’s stock valued at $31,766,000 after purchasing an additional 58,446 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Cirrus Logic by 2,574.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 67,791 shares of the semiconductor company’s stock valued at $8,033,000 after purchasing an additional 65,256 shares during the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Trading Up 0.9%

Shares of Cirrus Logic stock opened at $109.51 on Tuesday. Cirrus Logic, Inc. has a 12 month low of $108.08 and a 12 month high of $180.42. The firm has a market capitalization of $5.49 billion, a P/E ratio of 13.40 and a beta of 1.18. The business has a fifty day simple moving average of $132.73 and a two-hundred day simple moving average of $147.33.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.03. The firm had revenue of $459.72 million during 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 business’s revenue was up 12.9% on a year-over-year basis. During the same period last year, the business earned $1.51 earnings per share. Analysts predict that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CRUS shares. KeyCorp lowered their target price on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Zacks Research lowered shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Wall Street Zen cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Stifel Nicolaus reduced their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $150.71.

Insider Transactions at Cirrus Logic

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction on 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 directly owned 7,203 shares in the company, valued at approximately $1,042,346.13. This trade represents a 47.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Scott Thomas sold 1,300 shares of Cirrus Logic stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total value of $234,052.00. Following the completion of the sale, the executive vice president directly owned 31,048 shares of the company’s stock, valued at approximately $5,589,881.92. The trade was a 4.02% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 12,724 shares of company stock worth $1,878,143. Corporate insiders own 1.20% of the company’s stock.

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.