Cirrus Logic, Inc. $CRUS Stake Lowered by Royce & Associates LP

Royce & Associates LP reduced its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 6.4% during the fourth quarter, HoldingsChannel reports. The fund owned 668,334 shares of the semiconductor company’s stock after selling 45,665 shares during the period. Cirrus Logic comprises approximately 0.8% of Royce & Associates LP’s holdings, making the stock its 8th largest position. Royce & Associates LP’s holdings in Cirrus Logic were worth $79,198,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Cirrus Logic by 4.2% in the third quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company’s stock worth $829,724,000 after acquiring an additional 268,560 shares during the last quarter. LSV Asset Management grew its stake in shares of Cirrus Logic by 1.0% in the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock worth $279,215,000 after acquiring an additional 23,703 shares during the last quarter. Earnest Partners LLC grew its stake in shares of Cirrus Logic by 0.8% in the third quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company’s stock worth $168,980,000 after acquiring an additional 10,750 shares during the last quarter. Sei Investments Co. grew its stake in shares of Cirrus Logic by 2.2% in the third quarter. Sei Investments Co. now owns 926,958 shares of the semiconductor company’s stock worth $116,140,000 after acquiring an additional 20,381 shares during the last quarter. Finally, DNB Asset Management AS grew its stake in shares of Cirrus Logic by 5.5% in the third quarter. DNB Asset Management AS now owns 532,180 shares of the semiconductor company’s stock worth $66,677,000 after acquiring an additional 27,706 shares during the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Scott Thomas sold 9,942 shares of the company’s stock in a transaction on Thursday, April 9th. The stock was sold at an average price of $160.11, for a total transaction of $1,591,813.62. Following the transaction, the executive vice president directly owned 30,393 shares of the company’s stock, valued at $4,866,223.23. This represents a 24.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Forsyth sold 5,000 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $170.41, for a total value of $852,050.00. Following the completion of the transaction, the chief executive officer directly owned 70,016 shares in the company, valued at approximately $11,931,426.56. This represents a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,942 shares of company stock valued at $2,602,864 over the last ninety days. 1.16% of the stock is currently owned by corporate insiders.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS opened at $171.17 on Tuesday. The company has a market cap of $8.73 billion, a P/E ratio of 21.83 and a beta of 1.16. Cirrus Logic, Inc. has a 1 year low of $92.02 and a 1 year high of $179.00. The stock’s fifty day moving average price is $157.02 and its 200-day moving average price is $137.78.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. The firm had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.26 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The company’s quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.67 earnings per share. On average, sell-side analysts anticipate that Cirrus Logic, Inc. will post 8.01 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. KeyCorp increased their target price on Cirrus Logic from $175.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research note on Thursday, May 7th. Benchmark increased their target price on Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, February 4th. Finally, Loop Capital cut Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 target price on the stock. in a research note on Monday, February 2nd. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $161.71.

About Cirrus Logic

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.