Alps Advisors Inc. reduced its stake in shares of Cirrus Logic Inc. (NASDAQ:CRUS) by 3.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,779 shares of the company’s stock after selling 421 shares during the period. Alps Advisors Inc.’s holdings in Cirrus Logic were worth $457,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Artemis Investment Management LLP purchased a new stake in shares of Cirrus Logic during the second quarter valued at approximately $15,251,000. Geode Capital Management LLC increased its stake in shares of Cirrus Logic by 0.9% in the first quarter. Geode Capital Management LLC now owns 572,093 shares of the company’s stock valued at $20,829,000 after buying an additional 5,260 shares in the last quarter. Credit Agricole S A purchased a new stake in shares of Cirrus Logic during the first quarter valued at approximately $637,000. BlackRock Inc. increased its stake in shares of Cirrus Logic by 27.2% in the first quarter. BlackRock Inc. now owns 9,212 shares of the company’s stock valued at $335,000 after buying an additional 1,972 shares in the last quarter. Finally, Bayesian Capital Management LP purchased a new stake in shares of Cirrus Logic during the first quarter valued at approximately $204,000. Institutional investors own 89.23% of the company’s stock.
Cirrus Logic Inc. (NASDAQ:CRUS) traded up 1.81% during trading on Wednesday, reaching $53.41. The company had a trading volume of 938,784 shares. The firm’s 50 day moving average price is $52.18 and its 200 day moving average price is $41.82. Cirrus Logic Inc. has a 12-month low of $25.09 and a 12-month high of $58.08. The firm has a market capitalization of $3.34 billion, a PE ratio of 33.15 and a beta of 0.41.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, July 27th. The company reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.28 by $0.16. The business had revenue of $259.40 million for the quarter, compared to the consensus estimate of $236.67 million. Cirrus Logic had a net margin of 9.26% and a return on equity of 14.44%. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 EPS. Equities research analysts forecast that Cirrus Logic Inc. will post $3.28 EPS for the current year.
A number of brokerages have commented on CRUS. Stifel Nicolaus boosted their price objective on Cirrus Logic from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday, September 8th. Zacks Investment Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 27th. Pacific Crest reissued an “equal weight” rating on shares of Cirrus Logic in a report on Monday, August 29th. Canaccord Genuity reissued a “buy” rating and set a $52.00 price objective on shares of Cirrus Logic in a report on Tuesday, July 12th. Finally, Needham & Company LLC boosted their price objective on Cirrus Logic from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $49.10.
In other news, VP Andrew Brannan sold 21,498 shares of the company’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $52.14, for a total value of $1,120,905.72. Following the completion of the sale, the vice president now owns 21,498 shares of the company’s stock, valued at approximately $1,120,905.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David J. Tupman sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $40.62, for a total transaction of $60,930.00. Following the completion of the sale, the director now directly owns 2,500 shares of the company’s stock, valued at approximately $101,550. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.
Cirrus Logic Company Profile
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.
Want to see what other hedge funds are holding CRUS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cirrus Logic Inc. (NASDAQ:CRUS).
Receive News & Ratings for Cirrus Logic Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic Inc. and related companies with MarketBeat.com's FREE daily email newsletter.