ING Groep NV decreased its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 9.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,335 shares of the semiconductor company’s stock after selling 665 shares during the period. ING Groep NV’s holdings in Cirrus Logic were worth $397,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its position in Cirrus Logic by 2.6% in the first quarter. Oregon Public Employees Retirement Fund now owns 22,283 shares of the semiconductor company’s stock valued at $1,352,000 after buying an additional 575 shares during the period. Emerald Advisers Inc. PA acquired a new position in Cirrus Logic during the first quarter valued at approximately $13,803,000. Emerald Mutual Fund Advisers Trust acquired a new position in Cirrus Logic during the first quarter valued at approximately $8,737,000. Hillcrest Asset Management LLC increased its position in Cirrus Logic by 8.0% in the first quarter. Hillcrest Asset Management LLC now owns 179,993 shares of the semiconductor company’s stock valued at $10,924,000 after buying an additional 13,284 shares during the period. Finally, Old Mutual Global Investors UK Ltd. increased its position in Cirrus Logic by 1,806.8% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 541,359 shares of the semiconductor company’s stock valued at $32,855,000 after buying an additional 512,968 shares during the period. 94.23% of the stock is owned by hedge funds and other institutional investors.
Shares of Cirrus Logic, Inc. (CRUS) traded down 0.96% on Tuesday, reaching $57.00. 674,966 shares of the company’s stock traded hands. Cirrus Logic, Inc. has a 52-week low of $47.01 and a 52-week high of $71.97. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 13.33 and a beta of 0.01. The firm’s 50-day moving average is $63.83 and its 200-day moving average is $61.54.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The firm had revenue of $320.70 million during the quarter, compared to analyst estimates of $320.32 million. During the same quarter in the prior year, the business earned $0.44 earnings per share. Cirrus Logic’s revenue for the quarter was up 23.6% on a year-over-year basis. Analysts anticipate that Cirrus Logic, Inc. will post $4.69 EPS for the current fiscal year.
CRUS has been the subject of several analyst reports. Zacks Investment Research raised shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Monday. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price objective (up from $70.00) on shares of Cirrus Logic in a report on Thursday, June 1st. Stifel Nicolaus raised their price objective on shares of Cirrus Logic from $70.00 to $73.00 and gave the stock a “buy” rating in a report on Wednesday, May 24th. Dougherty & Co raised their price objective on shares of Cirrus Logic from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, May 4th. Finally, Vetr downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating and set a $70.00 price objective for the company. in a report on Tuesday, April 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $68.74.
In related news, VP Scott Arnold Anderson sold 22,466 shares of the company’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $64.62, for a total transaction of $1,451,752.92. Following the completion of the transaction, the vice president now owns 24,432 shares in the company, valued at $1,578,795.84. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William D. Sherman sold 1,378 shares of the company’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $61.84, for a total transaction of $85,215.52. Following the transaction, the director now owns 7,307 shares of the company’s stock, valued at approximately $451,864.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 41,777 shares of company stock valued at $2,689,055. 1.92% of the stock is owned by company insiders.
Cirrus Logic Company Profile
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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