ARP Americas LP cut its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 47.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 7,285 shares of the semiconductor company’s stock after selling 6,541 shares during the period. ARP Americas LP’s holdings in Cirrus Logic were worth $450,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of CRUS. Amundi Pioneer Asset Management Inc. raised its holdings in Cirrus Logic by 175.2% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 7,854 shares of the semiconductor company’s stock worth $330,000 after buying an additional 5,000 shares during the last quarter. Geode Capital Management LLC raised its holdings in Cirrus Logic by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,062,569 shares of the semiconductor company’s stock worth $87,566,000 after buying an additional 7,519 shares during the last quarter. Sunbelt Securities Inc. purchased a new position in Cirrus Logic in the fourth quarter worth about $4,120,000. Norges Bank purchased a new position in Cirrus Logic in the fourth quarter worth about $80,559,000. Finally, Macquarie Group Ltd. raised its holdings in Cirrus Logic by 7.9% in the fourth quarter. Macquarie Group Ltd. now owns 911,286 shares of the semiconductor company’s stock worth $75,099,000 after buying an additional 66,900 shares during the last quarter. 86.53% of the stock is owned by institutional investors and hedge funds.
Several research analysts have issued reports on the stock. ValuEngine cut shares of Cirrus Logic from a “hold” rating to a “sell” rating in a report on Thursday, July 2nd. Barclays cut shares of Cirrus Logic from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $75.00 to $60.00 in a report on Monday, June 22nd. Stifel Nicolaus boosted their price objective on shares of Cirrus Logic from $80.00 to $82.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. BidaskClub raised shares of Cirrus Logic from a “sell” rating to a “hold” rating in a report on Wednesday, July 1st. Finally, Susquehanna Bancshares boosted their price objective on shares of Cirrus Logic from $82.00 to $84.00 in a report on Tuesday, May 5th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. Cirrus Logic presently has an average rating of “Hold” and an average price target of $80.13.
In other Cirrus Logic news, CEO Jason P. Rhode sold 97,148 shares of the company’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $71.72, for a total value of $6,967,454.56. Following the completion of the transaction, the chief executive officer now directly owns 308,444 shares in the company, valued at $22,121,603.68. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Scott Arnold Anderson sold 12,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $73.85, for a total transaction of $886,200.00. Following the completion of the transaction, the vice president now owns 15,555 shares of the company’s stock, valued at $1,148,736.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,648 shares of company stock valued at $7,966,155. Company insiders own 1.83% of the company’s stock.
CRUS stock traded up $1.36 during midday trading on Friday, reaching $68.53. 989,312 shares of the company’s stock traded hands, compared to its average volume of 638,274. Cirrus Logic, Inc. has a 52-week low of $47.04 and a 52-week high of $91.63. The stock has a market cap of $4.00 billion, a P/E ratio of 25.86, a PEG ratio of 3.50 and a beta of 0.95. The company has a current ratio of 4.10, a quick ratio of 3.17 and a debt-to-equity ratio of 0.11. The stock’s 50-day moving average is $63.51 and its 200 day moving average is $69.63.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Monday, May 4th. The semiconductor company reported $0.68 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.18. Cirrus Logic had a net margin of 12.45% and a return on equity of 16.46%. The business had revenue of $279.29 million during the quarter, compared to analysts’ expectations of $258.73 million. During the same period in the prior year, the company earned $0.37 earnings per share. The firm’s revenue was up 16.2% on a year-over-year basis. As a group, research analysts expect that Cirrus Logic, Inc. will post 2.3 EPS for the current fiscal year.
Cirrus Logic Company 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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