Martingale Asset Management L P raised its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 1.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 104,533 shares of the semiconductor company’s stock after purchasing an additional 1,804 shares during the period. Martingale Asset Management L P owned approximately 0.16% of Cirrus Logic worth $6,557,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of CRUS. Fortaleza Asset Management Inc. purchased a new stake in Cirrus Logic during the 2nd quarter valued at $102,000. Mckinley Capital Management LLC Delaware purchased a new stake in Cirrus Logic during the 1st quarter valued at $174,000. Private Advisor Group LLC purchased a new stake in Cirrus Logic during the 2nd quarter valued at $215,000. Turner Investments LLC purchased a new stake in Cirrus Logic during the 2nd quarter valued at $220,000. Finally, Soros Fund Management LLC purchased a new stake in Cirrus Logic during the 1st quarter valued at $225,000. Institutional investors and hedge funds own 89.15% of the company’s stock.
Several analysts have commented on CRUS shares. Stifel Nicolaus increased their target price on Cirrus Logic from $70.00 to $73.00 and gave the company a “buy” rating in a research note on Wednesday, May 24th. Needham & Company LLC restated a “buy” rating and issued a $80.00 price target (up from $70.00) on shares of Cirrus Logic in a research note on Thursday, June 1st. Pacific Crest restated an “overweight” rating and issued a $75.00 price target on shares of Cirrus Logic in a research note on Wednesday, June 21st. KeyCorp restated an “overweight” rating and issued a $75.00 price target on shares of Cirrus Logic in a research note on Wednesday, July 12th. Finally, Barclays PLC downgraded Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 price target on the stock. in a research note on Tuesday, July 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Cirrus Logic has a consensus rating of “Buy” and a consensus price target of $68.59.
In other news, Director William D. Sherman sold 1,378 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $61.84, for a total transaction of $85,215.52. Following the sale, the director now directly owns 7,307 shares of the company’s stock, valued at $451,864.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Randolph K. Carlson sold 53,332 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $57.10, for a total transaction of $3,045,257.20. Following the sale, the vice president now directly owns 27,265 shares in the company, valued at $1,556,831.50. The disclosure for this sale can be found here. Insiders have sold 92,313 shares of company stock worth $5,235,918 over the last three months. Corporate insiders own 1.92% of the company’s stock.
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Cirrus Logic, Inc. (NASDAQ:CRUS) opened at 57.01 on Wednesday. The company has a market capitalization of $3.64 billion and a PE ratio of 13.33. Cirrus Logic, Inc. has a one year low of $48.91 and a one year high of $71.97. The company has a 50-day moving average price of $57.94 and a 200-day moving average price of $61.44.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.15. The firm had revenue of $320.70 million for the quarter, compared to analyst estimates of $320.32 million. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The business’s quarterly revenue was up 23.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.44 earnings per share. Analysts expect that Cirrus Logic, Inc. will post $4.74 earnings per share for the current fiscal year.
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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