Hsbc Holdings PLC Sells 7,334 Shares of Cirrus Logic, Inc. $CRUS

Hsbc Holdings PLC lessened its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 56.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,559 shares of the semiconductor company’s stock after selling 7,334 shares during the quarter. Hsbc Holdings PLC’s holdings in Cirrus Logic were worth $663,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRUS. Parallel Advisors LLC increased its holdings in Cirrus Logic by 6.2% during the fourth quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock valued at $162,000 after buying an additional 80 shares during the period. CIBC Private Wealth Group LLC boosted its position 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 in the last quarter. Kendall Capital Management increased its holdings in shares of Cirrus Logic by 0.9% in the 4th quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company’s stock valued at $1,256,000 after acquiring an additional 90 shares during the period. EP Wealth Advisors LLC increased its holdings in shares of Cirrus Logic by 1.7% in the 2nd quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock valued at $598,000 after acquiring an additional 95 shares during the period. Finally, Fred Alger Management LLC increased its holdings in shares of Cirrus Logic by 5.0% in the 3rd quarter. Fred Alger Management LLC now owns 2,552 shares of the semiconductor company’s stock valued at $320,000 after acquiring an additional 122 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CRUS shares. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. KeyCorp lowered their target price on shares of Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating for the company in a research note on Tuesday. Barclays lifted their price target on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Zacks Research downgraded Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $160.29.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Justin E. Dougherty sold 2,000 shares of the company’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total transaction of $333,000.00. Following the transaction, the executive vice president directly owned 4,537 shares in the company, valued at $755,410.50. This represents a 30.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Andrew Brannan sold 6,464 shares of the firm’s stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $144.71, for a total transaction of $935,405.44. Following the completion of the transaction, the executive vice president directly owned 7,203 shares of the company’s stock, valued at $1,042,346.13. This represents a 47.30% 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. Over the last quarter, insiders have sold 22,299 shares of company stock worth $3,581,647. Corporate insiders own 1.20% of the company’s stock.

Cirrus Logic Stock Performance

CRUS stock opened at $139.07 on Thursday. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42. The firm’s fifty day moving average is $160.71 and its 200 day moving average is $147.76. The firm has a market cap of $7.02 billion, a PE ratio of 17.74 and a beta of 1.17.

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

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.