NFJ Investment Group LLC Acquires New Stake in Cirrus Logic, Inc. $CRUS

NFJ Investment Group LLC acquired a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 18,069 shares of the semiconductor company’s stock, valued at approximately $2,684,000.

A number of other large investors have also made changes to their positions in the stock. Parallel Advisors LLC boosted its position in shares of Cirrus Logic by 6.2% in the 4th quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock worth $162,000 after buying an additional 80 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in Cirrus Logic by 29.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 88 shares during the period. EP Wealth Advisors LLC increased its holdings in shares of Cirrus Logic by 1.7% during the 2nd quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock worth $598,000 after buying an additional 95 shares during the last quarter. Diversified Trust Co raised its holdings in shares of Cirrus Logic by 1.1% in the 1st quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company’s stock worth $1,316,000 after purchasing an additional 102 shares during the period. Finally, Geneos Wealth Management Inc. raised its holdings in Cirrus Logic by 120.0% in the first 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. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Insider Transactions at Cirrus Logic

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of the business’s stock in a transaction dated Monday, June 29th. The stock was 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 of the company’s stock, valued at $1,042,346.13. The trade was a 47.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Scott Thomas sold 1,300 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total transaction of $234,052.00. Following the completion of the transaction, the executive vice president directly owned 31,048 shares in the company, valued at approximately $5,589,881.92. This represents a 4.02% 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. Insiders sold a total of 15,465 shares of company stock valued at $2,399,169 over the last quarter. Company insiders own 1.20% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on CRUS. Barclays reduced their target price on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Stifel Nicolaus lowered their target price on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Finally, Zacks Research lowered Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cirrus Logic has a consensus rating of “Hold” and a consensus target price of $150.71.

Cirrus Logic Trading Down 1.0%

CRUS opened at $116.90 on Friday. The stock has a market cap of $5.86 billion, a PE ratio of 14.31 and a beta of 1.18. The business’s 50 day moving average is $140.12 and its 200-day moving average is $148.58. Cirrus Logic, Inc. has a twelve month low of $109.88 and a twelve month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, topping 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 firm had revenue of $459.72 million during the quarter, compared to the consensus estimate of $460.32 million. During the same period in the prior year, the firm posted $1.51 earnings per share. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, analysts forecast that Cirrus Logic, Inc. will post 7.47 EPS for the current 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.