The Manufacturers Life Insurance Company bought a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS – Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund bought 39,205 shares of the semiconductor company’s stock, valued at approximately $5,823,000.
A number of other institutional investors have also recently made changes to their positions in CRUS. Caitong International Asset Management Co. Ltd increased its stake in shares of Cirrus Logic by 7,333.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 220 shares during the period. Geneos Wealth Management Inc. lifted its stake in shares of Cirrus Logic by 120.0% in 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 during the period. Kestra Advisory Services LLC acquired a new position in shares of Cirrus Logic in the fourth quarter worth approximately $36,000. Elevation Wealth Partners LLC boosted its holdings in Cirrus Logic by 72.5% in the second quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 124 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted 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 acquiring an additional 88 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.
Cirrus Logic Stock Performance
Shares of CRUS opened at $109.51 on Tuesday. Cirrus Logic, Inc. has a 52-week low of $108.08 and a 52-week high of $180.42. The business’s 50 day moving average price is $132.73 and its two-hundred day moving average price is $147.33. The firm has a market cap of $5.49 billion, a PE ratio of 13.40 and a beta of 1.18.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Wall Street Zen lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. KeyCorp decreased their price objective on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a research report on Thursday, August 6th. Finally, Zacks Research downgraded shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $150.71.
Check Out Our Latest Stock Report on Cirrus Logic
Insider Activity at Cirrus Logic
In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic stock in a transaction on Monday, June 29th. The shares were 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 directly owned 7,203 shares of the company’s stock, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,458 shares of Cirrus Logic stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $145.97, for a total transaction of $212,824.26. Following the completion of the sale, the executive vice president directly owned 16,405 shares of the company’s stock, valued at approximately $2,394,637.85. This trade represents a 8.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 12,724 shares of company stock worth $1,878,143 in the last quarter. 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.
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