Edgestream Partners L.P. Has $5.35 Million Stake in Cirrus Logic, Inc. $CRUS

Edgestream Partners L.P. reduced its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 56.4% during the 1st quarter, Holdings Channel.com reports. The firm owned 36,994 shares of the semiconductor company’s stock after selling 47,852 shares during the quarter. Edgestream Partners L.P.’s holdings in Cirrus Logic were worth $5,350,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Caitong International Asset Management Co. Ltd lifted its holdings in Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after buying an additional 220 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Cirrus Logic by 120.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 120 shares during the period. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Cirrus Logic in the 4th quarter valued at $33,000. Torren Management LLC bought a new stake in shares of Cirrus Logic during the fourth quarter worth $35,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Cirrus Logic during the fourth quarter worth $36,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Insider Buying and Selling

In other Cirrus Logic news, EVP Scott Thomas sold 1,300 shares of Cirrus Logic stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total transaction of $234,052.00. Following the transaction, the executive vice president directly owned 31,048 shares in the company, valued at approximately $5,589,881.92. The trade was a 4.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the transaction, the executive vice president directly owned 7,203 shares of the company’s stock, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 23,465 shares of company stock worth $3,743,219 over the last ninety days. Insiders own 1.20% of the company’s stock.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS opened at $129.35 on Friday. The company has a market capitalization of $6.53 billion, a price-to-earnings ratio of 16.50 and a beta of 1.17. The firm’s 50 day simple moving average is $153.25 and its 200 day simple moving average is $148.83. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm had revenue of $448.52 million during the quarter, compared to analysts’ expectations of $442.25 million. During the same quarter in the previous year, the company earned $1.67 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts expect that Cirrus Logic, Inc. will post 7.86 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CRUS shares. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a report on Thursday, May 7th. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Zacks Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Barclays raised their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Cirrus Logic presently has an average rating of “Moderate Buy” and a consensus target price of $160.29.

About Cirrus Logic

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.