PNC Financial Services Group Inc. Has $1.20 Million Holdings in Cirrus Logic, Inc. $CRUS

PNC Financial Services Group Inc. increased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 314.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 10,128 shares of the semiconductor company’s stock after acquiring an additional 7,686 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cirrus Logic were worth $1,200,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in Cirrus Logic by 4.2% during the 3rd quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company’s stock worth $829,724,000 after buying an additional 268,560 shares during the period. Earnest Partners LLC raised its stake in Cirrus Logic by 0.8% during the 3rd quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company’s stock worth $168,980,000 after buying an additional 10,750 shares during the period. Sei Investments Co. raised its stake in Cirrus Logic by 2.2% during the 3rd quarter. Sei Investments Co. now owns 926,958 shares of the semiconductor company’s stock worth $116,140,000 after buying an additional 20,381 shares during the period. Royce & Associates LP raised its stake in Cirrus Logic by 5.1% during the 3rd quarter. Royce & Associates LP now owns 713,999 shares of the semiconductor company’s stock worth $89,457,000 after buying an additional 34,839 shares during the period. Finally, DNB Asset Management AS raised its stake in Cirrus Logic by 5.5% during the 3rd quarter. DNB Asset Management AS now owns 532,180 shares of the semiconductor company’s stock worth $66,677,000 after buying an additional 27,706 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Price Performance

CRUS opened at $174.33 on Friday. The business’s 50-day moving average price is $159.45 and its two-hundred day moving average price is $138.97. Cirrus Logic, Inc. has a 1 year low of $92.02 and a 1 year high of $180.42. The company has a market capitalization of $8.82 billion, a price-to-earnings ratio of 22.24 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The firm had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.26 million. During the same quarter last year, the business posted $1.67 EPS. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. Sell-side analysts anticipate that Cirrus Logic, Inc. will post 8.01 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on CRUS. Loop Capital downgraded Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price target on the stock. in a research note on Monday, February 2nd. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a research note on Thursday, May 7th. Benchmark lifted their price target on Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Barclays lifted their price target on 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, Zacks Research downgraded Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $161.71.

Insider Buying and Selling

In related news, EVP Scott Thomas sold 9,942 shares of Cirrus Logic stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $160.11, for a total value of $1,591,813.62. Following the sale, the executive vice president owned 30,393 shares of the company’s stock, valued at approximately $4,866,223.23. The trade was a 24.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total value of $159,000.00. Following the completion of the sale, the director directly owned 20,531 shares in the company, valued at approximately $3,264,429. This represents a 4.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 17,942 shares of company stock worth $2,935,864 in the last three months. Insiders own 1.16% of the company’s stock.

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.