ClariVest Asset Management LLC boosted its position in shares of Cirrus Logic Inc. (NASDAQ:CRUS) by 15.5% during the second quarter, Holdings Channel reports. The institutional investor owned 78,102 shares of the company’s stock after buying an additional 10,500 shares during the period. ClariVest Asset Management LLC’s holdings in Cirrus Logic were worth $3,029,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in CRUS. Bayesian Capital Management LP purchased a new position in shares of Cirrus Logic during the first quarter worth $204,000. Strs Ohio boosted its position in shares of Cirrus Logic by 22.0% in the second quarter. Strs Ohio now owns 7,200 shares of the company’s stock worth $279,000 after buying an additional 1,300 shares during the period. Creative Planning boosted its position in shares of Cirrus Logic by 96.5% in the second quarter. Creative Planning now owns 8,350 shares of the company’s stock worth $324,000 after buying an additional 4,100 shares during the period. BlackRock Inc. boosted its position in shares of Cirrus Logic by 27.2% in the first quarter. BlackRock Inc. now owns 9,212 shares of the company’s stock worth $335,000 after buying an additional 1,972 shares during the period. Finally, Commonwealth Equity Services Inc boosted its position in shares of Cirrus Logic by 25.1% in the first quarter. Commonwealth Equity Services Inc now owns 9,564 shares of the company’s stock worth $348,000 after buying an additional 1,916 shares during the period. 89.23% of the stock is currently owned by institutional investors.
Cirrus Logic Inc. (NASDAQ:CRUS) traded down 0.07% during mid-day trading on Friday, reaching $54.06. The company had a trading volume of 662,559 shares. The firm has a market capitalization of $3.38 billion, a PE ratio of 33.56 and a beta of 0.41. Cirrus Logic Inc. has a 52 week low of $25.09 and a 52 week high of $58.08. The stock’s 50-day moving average price is $52.32 and its 200 day moving average price is $42.04.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.28 by $0.16. The company had revenue of $259.40 million for the quarter, compared to the consensus estimate of $236.67 million. Cirrus Logic had a return on equity of 14.44% and a net margin of 9.26%. Cirrus Logic’s quarterly revenue was down 8.2% on a year-over-year basis. During the same period last year, the business posted $0.54 EPS. On average, equities research analysts predict that Cirrus Logic Inc. will post $3.28 EPS for the current year.
A number of equities analysts have commented on the company. Barclays PLC lifted their price target on Cirrus Logic from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 28th. Stifel Nicolaus lifted their price target on Cirrus Logic from $46.00 to $55.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Canaccord Genuity assumed coverage on Cirrus Logic in a research note on Tuesday, June 21st. They issued a “buy” rating and a $52.00 price target on the stock. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and issued a $45.00 price target on shares of Cirrus Logic in a research note on Wednesday, July 27th. Finally, Pacific Crest reaffirmed a “hold” rating on shares of Cirrus Logic in a research note on Tuesday, August 16th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $49.10.
In other Cirrus Logic news, VP Scott Arnold Anderson sold 40,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $48.82, for a total transaction of $1,952,800.00. Following the transaction, the vice president now directly owns 36,966 shares in the company, valued at approximately $1,804,680.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David J. Tupman sold 1,500 shares of the firm’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $40.62, for a total value of $60,930.00. Following the transaction, the director now owns 2,500 shares in the company, valued at $101,550. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.
About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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