Man Group plc Purchases New Holdings in Cirrus Logic, Inc. $CRUS

Man Group plc acquired a new position in Cirrus Logic, Inc. (NASDAQ:CRUS) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 134,034 shares of the semiconductor company’s stock, valued at approximately $19,908,000. Man Group plc owned 0.27% of Cirrus Logic at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Cirrus Logic during the second quarter valued at approximately $840,638,000. Norges Bank purchased a new stake in shares of Cirrus Logic in the fourth quarter worth approximately $69,674,000. Bank of New York Mellon Corp bought a new stake in shares of Cirrus Logic during the 2nd quarter worth approximately $55,562,000. Invesco Ltd. lifted its stake in shares of Cirrus Logic by 133.6% during the 4th quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock worth $76,136,000 after acquiring an additional 367,488 shares during the last quarter. Finally, Defiance ETFs LLC purchased a new position in Cirrus Logic during the 4th quarter valued at $38,050,000. Institutional investors own 87.96% of the company’s stock.

Insider Activity

In related news, EVP Andrew Brannan sold 6,464 shares of the company’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 sale, the executive vice president directly owned 7,203 shares of the company’s stock, valued at $1,042,346.13. This represents a 47.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of the stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $168.54, for a total transaction of $658,485.78. Following the transaction, the executive vice president owned 17,575 shares in the company, valued at approximately $2,962,090.50. The trade was a 18.19% 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. Over the last 90 days, insiders have sold 16,631 shares of company stock worth $2,536,629. Company insiders own 1.20% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Zacks Research downgraded Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Barclays lowered their target price on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a research note on Thursday, August 6th. KeyCorp reduced their price target on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $150.71.

Cirrus Logic Stock Down 1.0%

Shares of NASDAQ:CRUS opened at $110.34 on Thursday. Cirrus Logic, Inc. has a 52-week low of $109.88 and a 52-week high of $180.42. The stock has a market cap of $5.53 billion, a P/E ratio of 13.51 and a beta of 1.18. The business’s 50 day moving average is $136.07 and its 200 day moving average is $148.01.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The business had revenue of $459.72 million during the quarter, compared to analyst estimates of $460.32 million. During the same period in the previous year, the company posted $1.51 EPS. Cirrus Logic’s revenue was up 12.9% on a year-over-year basis. On average, sell-side analysts anticipate that Cirrus Logic, Inc. will post 7.47 EPS for the current fiscal year.

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.