SG Americas Securities LLC boosted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS – Free Report) by 254.7% in the first quarter, Holdings Channel reports. The fund owned 70,190 shares of the semiconductor company’s stock after acquiring an additional 50,402 shares during the period. SG Americas Securities LLC’s holdings in Cirrus Logic were worth $10,151,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently made changes to their positions in CRUS. Parallel Advisors LLC increased its stake in shares of Cirrus Logic by 6.2% in the fourth quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock worth $162,000 after purchasing an additional 80 shares during the period. CIBC Private Wealth Group LLC grew its holdings in Cirrus Logic by 29.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after buying an additional 88 shares during the last quarter. Kendall Capital Management increased its position in Cirrus Logic by 0.9% in the 4th quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company’s stock worth $1,256,000 after buying an additional 90 shares during the period. EP Wealth Advisors LLC boosted its position in shares of Cirrus Logic by 1.7% in the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock valued at $598,000 after acquiring an additional 95 shares during the period. Finally, Diversified Trust Co grew its stake in shares of Cirrus Logic by 1.1% in the first quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company’s stock worth $1,316,000 after acquiring an additional 102 shares during the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities analysts recently commented on CRUS shares. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday. Zacks Research lowered shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. KeyCorp upped their price objective on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Barclays increased their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Finally, Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research report on Thursday, May 7th. Five research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $161.71.
Cirrus Logic Price Performance
Shares of CRUS stock opened at $146.50 on Friday. Cirrus Logic, Inc. has a one year low of $92.02 and a one year high of $180.42. The stock has a fifty day moving average price of $166.33 and a 200 day moving average price of $145.41. The stock has a market cap of $7.39 billion, a P/E ratio of 18.69 and a beta of 1.15.
Cirrus Logic (NASDAQ:CRUS – Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.25 million. During the same quarter in the previous year, the firm posted $1.67 EPS. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. Equities research analysts anticipate that Cirrus Logic, Inc. will post 8.05 EPS for the current year.
Insiders Place Their Bets
In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total transaction of $159,000.00. Following the sale, the director directly owned 20,531 shares of the company’s stock, valued at approximately $3,264,429. The trade was a 4.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John Forsyth sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.41, for a total value of $852,050.00. Following the completion of the sale, the chief executive officer owned 70,016 shares in the company, valued at approximately $11,931,426.56. This represents a 6.67% 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 a total of 24,319 shares of company stock valued at $4,025,230 over the last 90 days. Company insiders own 1.20% of the company’s stock.
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.
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