Cirrus Logic, Inc. $CRUS Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC grew its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 216.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,581 shares of the semiconductor company’s stock after purchasing an additional 12,022 shares during the period. Hsbc Holdings PLC’s holdings in Cirrus Logic were worth $2,526,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in CRUS. Caitong International Asset Management Co. Ltd increased its stake in Cirrus Logic by 7,333.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 220 shares during the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth about $33,000. Torren Management LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at about $35,000. Kestra Advisory Services LLC acquired a new position in Cirrus Logic in the fourth quarter valued at about $36,000. Finally, CIBC Private Wealth Group LLC boosted its stake in Cirrus Logic by 29.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock worth $46,000 after buying an additional 88 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Cirrus Logic Price Performance

CRUS opened at $133.61 on Friday. The business has a fifty day moving average price of $156.41 and a 200 day moving average price of $148.40. Cirrus Logic, Inc. has a 12 month low of $92.02 and a 12 month high of $180.42. The stock has a market capitalization of $6.74 billion, a price-to-earnings ratio of 17.04 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data 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 business had revenue of $448.52 million during the quarter, compared to analysts’ expectations of $442.25 million. During the same quarter last year, the business posted $1.67 EPS. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, research analysts anticipate that Cirrus Logic, Inc. will post 7.86 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Jeffrey W. Baumgartner sold 3,907 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $168.54, for a total value of $658,485.78. Following the transaction, the executive vice president owned 17,575 shares of the company’s stock, valued at $2,962,090.50. This represents a 18.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the firm’s stock in a transaction on 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 owned 7,203 shares in the company, valued at approximately $1,042,346.13. This represents a 47.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,299 shares of company stock valued at $3,581,647 over the last ninety days. 1.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CRUS shares. Barclays upped their price objective on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. KeyCorp decreased their price target on Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Finally, Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research note on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $160.29.

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.