Pacer Advisors Inc. lowered its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 7.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 21,829 shares of the semiconductor company’s stock after selling 1,699 shares during the period. Pacer Advisors Inc.’s holdings in Cirrus Logic were worth $1,170,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in CRUS. State of Alaska Department of Revenue bought a new position in Cirrus Logic during the third quarter worth $553,000. Parallax Volatility Advisers L.P. bought a new stake in Cirrus Logic in the second quarter valued at $325,000. Macquarie Group Ltd. increased its stake in Cirrus Logic by 0.6% in the second quarter. Macquarie Group Ltd. now owns 805,039 shares of the semiconductor company’s stock valued at $35,180,000 after purchasing an additional 4,793 shares in the last quarter. Hancock Whitney Corp increased its stake in Cirrus Logic by 5.3% in the second quarter. Hancock Whitney Corp now owns 189,933 shares of the semiconductor company’s stock valued at $8,300,000 after purchasing an additional 9,542 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Cirrus Logic by 9.0% in the second quarter. BlackRock Inc. now owns 8,631,614 shares of the semiconductor company’s stock valued at $377,200,000 after purchasing an additional 714,210 shares in the last quarter. 85.86% of the stock is owned by hedge funds and other institutional investors.
In other news, CFO Thurman K. Case sold 5,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.34, for a total transaction of $261,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jason P. Rhode sold 128,847 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.14, for a total transaction of $6,718,082.58. The disclosure for this sale can be found here. Insiders sold 169,665 shares of company stock worth $9,203,493 in the last 90 days. 2.79% of the stock is currently owned by company insiders.
CRUS has been the subject of a number of analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Cirrus Logic in a report on Monday, August 5th. TheStreet upgraded shares of Cirrus Logic from a “c+” rating to a “b” rating in a report on Thursday, October 31st. Stifel Nicolaus boosted their target price on shares of Cirrus Logic from $68.00 to $76.00 and gave the company a “buy” rating in a research note on Friday. Benchmark boosted their target price on shares of Cirrus Logic from $62.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, Bank of America reissued an “underperform” rating and issued a $46.00 price target (up previously from $40.00) on shares of Cirrus Logic in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $59.89.
Cirrus Logic stock traded up $2.38 during midday trading on Friday, reaching $71.13. 627,200 shares of the stock were exchanged, compared to its average volume of 709,642. The company’s fifty day moving average is $57.78 and its 200-day moving average is $49.85. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.63 and a current ratio of 3.38. The firm has a market cap of $4.06 billion, a PE ratio of 34.70, a PEG ratio of 1.72 and a beta of 0.91. Cirrus Logic, Inc. has a 52 week low of $31.25 and a 52 week high of $72.52.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, October 30th. The semiconductor company reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.94 by $0.61. Cirrus Logic had a net margin of 9.81% and a return on equity of 13.04%. The company had revenue of $389.00 million for the quarter, compared to the consensus estimate of $320.37 million. During the same quarter last year, the firm posted $1.08 earnings per share. The firm’s revenue was up 6.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Cirrus Logic, Inc. will post 2.72 earnings per share for the current fiscal year.
Cirrus Logic Profile
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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