177,004 Shares in Cirrus Logic, Inc. $CRUS Acquired by Empowered Funds LLC

Empowered Funds LLC purchased a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 177,004 shares of the semiconductor company’s stock, valued at approximately $26,290,000.

Several other institutional investors and hedge funds have also bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Cirrus Logic in the second quarter worth $840,638,000. Bank of America Corp DE acquired a new position in Cirrus Logic during the second quarter valued at $168,329,000. Norges Bank purchased a new stake in Cirrus Logic in the fourth quarter valued at $69,674,000. Caisse de depot et placement du Quebec acquired a new stake in Cirrus Logic during the 2nd quarter worth about $61,500,000. Finally, Bank of New York Mellon Corp acquired a new stake in Cirrus Logic during the 2nd quarter worth about $55,562,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 3,907 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total transaction of $658,485.78. Following the transaction, the executive vice president directly owned 17,575 shares of the company’s stock, valued at $2,962,090.50. This trade represents a 18.19% decrease in their ownership of the stock. The transaction 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 Andrew Brannan sold 6,464 shares of Cirrus Logic stock in a transaction dated 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 sale, the executive vice president owned 7,203 shares in the company, valued at approximately $1,042,346.13. This trade 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. Insiders have sold a total of 16,631 shares of company stock valued at $2,536,629 over the last ninety days. Corporate insiders own 1.20% of the company’s stock.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $110.88 on Friday. The company has a market cap of $5.56 billion, a price-to-earnings ratio of 13.57 and a beta of 1.18. The stock has a 50 day simple moving average of $134.99 and a 200-day simple moving average of $147.78. Cirrus Logic, Inc. has a 1-year low of $108.81 and a 1-year high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The firm had revenue of $459.72 million for the quarter, compared to analysts’ expectations of $460.32 million. During the same quarter last year, the company earned $1.51 EPS. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. Analysts anticipate that Cirrus Logic, Inc. will post 7.47 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. KeyCorp reduced their price target on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a research report on Thursday, August 6th. Zacks Research cut shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Wall Street Zen lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Stifel Nicolaus decreased 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 note on Thursday, August 6th. Finally, Barclays lowered their price target on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a report on Thursday, August 6th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $150.71.

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.