Cirrus Logic, Inc. $CRUS Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC reduced its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 79.5% during the third quarter, HoldingsChannel.com reports. The firm owned 3,157 shares of the semiconductor company’s stock after selling 12,206 shares during the quarter. Sterling Capital Management LLC’s holdings in Cirrus Logic were worth $379,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its position in Cirrus Logic by 3.8% during the 3rd quarter. GAMMA Investing LLC now owns 2,742 shares of the semiconductor company’s stock valued at $329,000 after purchasing an additional 100 shares during the last quarter. Wedmont Private Capital raised its holdings in Cirrus Logic by 6.9% in the second quarter. Wedmont Private Capital now owns 1,644 shares of the semiconductor company’s stock worth $247,000 after buying an additional 106 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Cirrus Logic by 120.0% in the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after buying an additional 120 shares in the last quarter. Elevation Wealth Partners LLC lifted its stake in shares of Cirrus Logic by 72.5% in the second quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company’s stock worth $44,000 after buying an additional 124 shares in the last quarter. Finally, RHS Financial LLC lifted its stake in shares of Cirrus Logic by 6.8% in the third quarter. RHS Financial LLC now owns 1,968 shares of the semiconductor company’s stock worth $236,000 after buying an additional 125 shares in the last quarter. Institutional investors own 87.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CRUS shares. KeyCorp downgraded shares of Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 15th. Susquehanna cut their target price on Cirrus Logic from $200.00 to $170.00 and set a “positive” rating on the stock in a research note on Wednesday, October 21st. Zacks Research downgraded Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Wall Street Zen cut Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Sunday, October 18th. Finally, Weiss Ratings upgraded Cirrus Logic from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, October 16th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $147.86.

Cirrus Logic Trading Up 0.6%

Shares of CRUS stock opened at $113.71 on Friday. Cirrus Logic, Inc. has a 12-month low of $105.10 and a 12-month high of $180.42. The stock has a market capitalization of $5.70 billion, a P/E ratio of 13.92 and a beta of 1.17. The firm’s 50 day moving average is $114.31 and its 200 day moving average is $138.51.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $460.32 million. During the same quarter in the prior year, the firm earned $1.51 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, equities analysts predict that Cirrus Logic, Inc. will post 7.20 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of the company’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $107.75, for a total value of $125,636.50. Following the completion of the transaction, the executive vice president owned 11,741 shares of the company’s stock, valued at approximately $1,265,092.75. This represents a 9.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 3,498 shares of company stock worth $401,850 over the last quarter. 1.20% of the stock is owned by insiders.

Cirrus Logic Company Profile

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.