New York State Teachers Retirement System Decreases Stock Position in Cirrus Logic, Inc. $CRUS

New York State Teachers Retirement System decreased its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 7.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,257 shares of the semiconductor company’s stock after selling 4,569 shares during the quarter. New York State Teachers Retirement System owned approximately 0.12% of Cirrus Logic worth $7,550,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Hantz Financial Services Inc. grew its position in shares of Cirrus Logic by 1,660.0% during the second quarter. Hantz Financial Services Inc. now owns 264 shares of the semiconductor company’s stock worth $28,000 after buying an additional 249 shares in the last quarter. RMG Wealth Management LLC purchased a new position in Cirrus Logic in the second quarter worth approximately $30,000. Ameritas Advisory Services LLC acquired a new position in Cirrus Logic during the 2nd quarter worth approximately $31,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Cirrus Logic in the 2nd quarter valued at approximately $39,000. Finally, Geneos Wealth Management Inc. raised its holdings in shares of Cirrus Logic by 95.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock valued at $47,000 after purchasing an additional 232 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Andrew Brannan sold 8,913 shares of the stock in a transaction on Friday, November 14th. The shares were sold at an average price of $119.06, for a total transaction of $1,061,181.78. Following the completion of the sale, the executive vice president owned 5,950 shares in the company, valued at $708,407. This represents a 59.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Thomas sold 734 shares of the firm’s stock in a transaction on Monday, October 20th. The stock was sold at an average price of $131.25, for a total transaction of $96,337.50. Following the transaction, the executive vice president directly owned 26,307 shares in the company, valued at $3,452,793.75. The trade was a 2.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.16% of the stock is owned by corporate insiders.

Cirrus Logic Stock Down 0.9%

Shares of NASDAQ CRUS opened at $123.28 on Friday. The business has a 50-day moving average price of $120.56 and a 200 day moving average price of $117.44. The stock has a market cap of $6.29 billion, a PE ratio of 17.51 and a beta of 1.09. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $136.92.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Tuesday, November 4th. The semiconductor company reported $2.83 EPS for the quarter, topping the consensus estimate of $2.32 by $0.51. The company had revenue of $560.96 million for the quarter, compared to analyst estimates of $540.45 million. Cirrus Logic had a return on equity of 19.59% and a net margin of 19.48%.The firm’s revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.25 earnings per share. Sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on CRUS shares. Susquehanna increased their target price on Cirrus Logic from $140.00 to $155.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. Stifel Nicolaus increased their price objective on Cirrus Logic from $140.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. Benchmark raised their target price on Cirrus Logic from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, November 5th. Williams Trading set a $150.00 price target on Cirrus Logic in a report on Wednesday, November 5th. Finally, Barclays set a $100.00 price target on shares of Cirrus Logic in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.50.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.