Canada Pension Plan Investment Board purchased a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS – Free Report) in the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 132,700 shares of the semiconductor company’s stock, valued at approximately $19,710,000.
Other institutional investors have also made changes to their positions in the company. BlackRock Inc. bought a new position in Cirrus Logic during the 2nd quarter worth $840,638,000. Norges Bank bought a new stake in shares of Cirrus Logic during the 4th quarter valued at $69,674,000. Bank of New York Mellon Corp bought a new stake in shares of Cirrus Logic during the 2nd quarter valued at $55,562,000. Invesco Ltd. grew its holdings in shares of Cirrus Logic by 133.6% during the 4th quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock worth $76,136,000 after purchasing an additional 367,488 shares in the last quarter. Finally, Defiance ETFs LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth $38,050,000. 87.96% of the stock is currently owned by institutional investors.
Cirrus Logic Stock Down 2.2%
Shares of CRUS stock opened at $108.48 on Friday. The business has a fifty day simple moving average of $133.85 and a 200 day simple moving average of $147.51. The company has a market cap of $5.44 billion, a P/E ratio of 13.28 and a beta of 1.18. Cirrus Logic, Inc. has a twelve month low of $108.12 and a twelve month high of $180.42.
Insider Activity at Cirrus Logic
In other Cirrus Logic news, EVP Scott Thomas sold 1,300 shares of the firm’s stock in a transaction that occurred 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 sale, the executive vice president owned 31,048 shares in the company, valued at $5,589,881.92. This trade represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 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 that occurred on Monday, June 29th. The shares were sold at an average price of $144.71, for a total transaction of $935,405.44. Following the completion of the sale, the executive vice president owned 7,203 shares in the company, valued at $1,042,346.13. This represents a 47.30% 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 three months, insiders have sold 16,631 shares of company stock valued at $2,536,629. 1.20% of the stock is owned by insiders.
Analysts Set New Price Targets
CRUS has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Wall Street Zen cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Zacks Research downgraded shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. KeyCorp reduced their price target 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. Finally, Stifel Nicolaus decreased their price objective on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Five research 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. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $150.71.
Read Our Latest Report on CRUS
Cirrus Logic News Roundup
Here are the key news stories impacting Cirrus Logic this week:
- Positive Sentiment: Zacks modestly raised its FY2029 EPS forecast to $8.73 from $8.58, suggesting some longer-term earnings potential despite the broader downgrade cycle. Cirrus Logic analyst estimates
- Neutral Sentiment: The revised FY2027 EPS estimate of $7.47 matches the current consensus forecast, while the company’s most recent quarterly results showed EPS slightly above expectations and revenue growth of 12.9% year over year. However, those results are not the focus of the latest analyst revisions. Cirrus Logic earnings and estimates
- Negative Sentiment: Zacks cut EPS forecasts across multiple periods, including FY2027 to $7.47 from $8.08, FY2028 to $7.75 from $8.53, Q2 2027 to $2.15 from $2.42, Q3 2027 to $2.48 from $2.76, Q1 2028 to $1.40 from $1.50, Q2 2028 to $2.21 from $2.42, Q3 2028 to $2.71 from $3.04, Q4 2028 to $1.42 from $1.56, and Q1 2029 to $1.52 from $1.54. The breadth of the reductions signals weaker expected earnings momentum and is likely the primary reason CRUS shares are decreasing. Zacks Research estimates for Cirrus Logic
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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