Caisse de depot et placement du Quebec purchased a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS – Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 414,061 shares of the semiconductor company’s stock, valued at approximately $61,500,000. Caisse de depot et placement du Quebec owned 0.83% of Cirrus Logic as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd raised its holdings in Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 220 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 120 shares in the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in shares of Cirrus Logic in the fourth quarter worth $33,000. Torren Management LLC bought a new position in shares of Cirrus Logic in the fourth quarter worth $35,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of Cirrus Logic in the fourth quarter valued at $36,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.
Cirrus Logic Stock Performance
Cirrus Logic stock opened at $110.88 on Friday. The stock has a market cap of $5.56 billion, a P/E ratio of 13.57 and a beta of 1.18. Cirrus Logic, Inc. has a fifty-two week low of $108.81 and a fifty-two week high of $180.42. The firm’s fifty day moving average price is $134.99 and its 200-day moving average price is $147.78.
Insider Buying and Selling at Cirrus Logic
In related news, EVP Jeffrey W. Baumgartner sold 1,166 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $117.89, for a total value of $137,459.74. Following the transaction, the executive vice president directly owned 14,073 shares in the company, valued at approximately $1,659,065.97. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 Scott Thomas sold 1,300 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was 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 owned 31,048 shares in the company, valued at approximately $5,589,881.92. This trade represents a 4.02% decrease in their ownership of the stock. 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 a total of 16,631 shares of company stock valued at $2,536,629 in the last 90 days. Corporate insiders own 1.20% of the company’s stock.
Analyst Ratings Changes
A number of analysts recently issued reports on the company. Barclays decreased their price objective on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 6th. Wall Street Zen lowered Cirrus Logic from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Finally, Zacks Research lowered shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $150.71.
Get Our Latest Stock Report on CRUS
Cirrus Logic 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.
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