Cirrus Logic, Inc. $CRUS Shares Bought by Lazard Asset Management LLC

Lazard Asset Management LLC boosted its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 5.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 249,874 shares of the semiconductor company’s stock after purchasing an additional 13,399 shares during the quarter. Lazard Asset Management LLC owned approximately 0.49% of Cirrus Logic worth $36,137,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of Cirrus Logic by 92.3% during the 1st quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock worth $7,189,000 after buying an additional 34,629 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Cirrus Logic by 24.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock valued at $132,000 after buying an additional 263 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Cirrus Logic by 4.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock valued at $21,372,000 after acquiring an additional 9,658 shares during the period. Focus Partners Wealth acquired a new stake in Cirrus Logic in the 1st quarter valued at $361,000. Finally, Geneos Wealth Management Inc. increased its holdings in Cirrus Logic by 95.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after acquiring an additional 232 shares in the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Stock Performance

NASDAQ CRUS opened at $136.16 on Wednesday. The business has a fifty day moving average price of $155.42 and a 200 day moving average price of $148.82. The company has a market cap of $6.87 billion, a P/E ratio of 17.37 and a beta of 1.17. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company had revenue of $448.52 million for the quarter, compared to analysts’ expectations of $442.25 million. During the same quarter in the previous year, the company posted $1.67 EPS. The firm’s quarterly revenue was up 5.7% on a year-over-year basis. As a group, sell-side analysts predict that Cirrus Logic, Inc. will post 7.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CRUS. Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research report on Thursday, May 7th. Barclays boosted their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. KeyCorp reduced their price target on shares of Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating for the company in a research report on Tuesday, July 14th. Zacks Research lowered shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. 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 and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $160.29.

Insider Transactions at Cirrus Logic

In related news, CEO John Forsyth sold 5,000 shares of the company’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $170.41, for a total transaction of $852,050.00. Following the completion of the sale, the chief executive officer owned 70,016 shares of the company’s stock, valued at approximately $11,931,426.56. This represents a 6.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 shares were sold at an average price of $168.54, for a total transaction of $658,485.78. Following the completion of the sale, the executive vice president owned 17,575 shares of the company’s stock, valued at approximately $2,962,090.50. The trade was a 18.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 23,465 shares of company stock valued at $3,743,219. Company insiders own 1.20% 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.