Cornerstone Capital Management Holdings LLC. Increases Position in Cirrus Logic, Inc. (CRUS)

Cornerstone Capital Management Holdings LLC. boosted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 384.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 99,541 shares of the semiconductor company’s stock after buying an additional 79,002 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned 0.16% of Cirrus Logic worth $6,242,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Fortaleza Asset Management Inc. bought a new position in Cirrus Logic during the second quarter valued at about $102,000. ETRADE Capital Management LLC bought a new position in Cirrus Logic during the second quarter valued at about $201,000. Private Advisor Group LLC bought a new position in Cirrus Logic during the second quarter valued at about $215,000. Turner Investments LLC bought a new position in Cirrus Logic during the second quarter valued at about $220,000. Finally, Soros Fund Management LLC bought a new position in Cirrus Logic during the first quarter valued at about $225,000. 89.09% of the stock is owned by institutional investors and hedge funds.

CRUS has been the subject of several research reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 target price on shares of Cirrus Logic in a research note on Thursday, August 3rd. BidaskClub cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 2nd. Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research note on Monday, August 7th. Canaccord Genuity reaffirmed a “buy” rating and set a $76.00 target price on shares of Cirrus Logic in a research note on Tuesday, September 19th. Finally, ValuEngine raised Cirrus Logic from a “hold” rating to a “buy” rating in a research note on Monday, October 2nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $67.69.

Cirrus Logic, Inc. (CRUS) opened at 54.61 on Wednesday. The company has a 50 day moving average price of $55.43 and a 200-day moving average price of $61.23. The firm has a market cap of $3.48 billion, a price-to-earnings ratio of 12.77 and a beta of 0.01. Cirrus Logic, Inc. has a 52-week low of $49.05 and a 52-week high of $71.97.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.15. The firm had revenue of $320.70 million during the quarter, compared to analysts’ expectations of $320.32 million. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The company’s revenue was up 23.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.44 earnings per share. Equities research analysts anticipate that Cirrus Logic, Inc. will post $4.74 EPS for the current year.

In other Cirrus Logic news, VP Bradley J. Fluke sold 7,325 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $53.44, for a total value of $391,448.00. Following the sale, the vice president now owns 12,000 shares in the company, valued at $641,280. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alan R. Schuele sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $57.30, for a total value of $114,600.00. Following the completion of the sale, the director now owns 14,165 shares in the company, valued at approximately $811,654.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 104,666 shares of company stock worth $5,914,243. Corporate insiders own 1.92% of the company’s stock.

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About Cirrus Logic

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.

Institutional Ownership by Quarter for Cirrus Logic (NASDAQ:CRUS)

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