Globeflex Capital L P Invests $10.58 Million in Cirrus Logic, Inc. $CRUS

Globeflex Capital L P bought a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 71,224 shares of the semiconductor company’s stock, valued at approximately $10,579,000. Cirrus Logic accounts for 1.4% of Globeflex Capital L P’s portfolio, making the stock its 12th biggest position. Globeflex Capital L P owned 0.14% of Cirrus Logic at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. LSV Asset Management grew its position in shares of Cirrus Logic by 1.0% during the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock worth $279,215,000 after buying an additional 23,703 shares in the last quarter. Mach 1 Financial Group LLC acquired a new stake in Cirrus Logic during the fourth quarter worth approximately $736,000. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in shares of Cirrus Logic by 9.8% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company’s stock worth $15,391,000 after buying an additional 11,607 shares during the last quarter. Arbejdsmarkedets Tillaegspension purchased a new stake in shares of Cirrus Logic during the 4th quarter worth approximately $21,988,000. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Cirrus Logic by 37.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company’s stock valued at $31,766,000 after buying an additional 58,446 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on CRUS. Stifel Nicolaus dropped their price objective on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. KeyCorp lowered their price objective on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, August 6th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Finally, Wall Street Zen cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $150.71.

Insider Transactions at Cirrus Logic

In other news, EVP Jeffrey W. Baumgartner sold 1,166 shares of the firm’s stock in a transaction on Monday, July 20th. The stock was sold at an average price of $138.57, for a total transaction of $161,572.62. Following the sale, the executive vice president owned 15,239 shares in the company, valued at $2,111,668.23. This trade represents a 7.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total value of $234,052.00. Following the completion of the sale, the executive vice president directly owned 31,048 shares of the company’s stock, 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 have sold 15,465 shares of company stock worth $2,399,169 over the last quarter. 1.20% of the stock is currently owned by insiders.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $115.33 on Monday. The stock has a fifty day moving average of $139.15 and a two-hundred day moving average of $148.47. Cirrus Logic, Inc. has a fifty-two week low of $109.88 and a fifty-two week high of $180.42. The company has a market capitalization of $5.78 billion, a price-to-earnings ratio of 14.12 and a beta of 1.18.

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

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.