JPMorgan Chase & Co. boosted its position in shares of Cirrus Logic Inc. (NASDAQ:CRUS) by 156.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 115,284 shares of the company’s stock after buying an additional 70,250 shares during the period. JPMorgan Chase & Co. owned about 0.18% of Cirrus Logic worth $4,472,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CRUS. Wellington Management Group LLP bought a new position in Cirrus Logic during the first quarter valued at $16,028,000. Artemis Investment Management LLP bought a new position in Cirrus Logic during the second quarter valued at $15,251,000. Hillcrest Asset Management LLC bought a new position in Cirrus Logic during the first quarter valued at $8,764,000. Ameriprise Financial Inc. boosted its position in Cirrus Logic by 22.6% in the second quarter. Ameriprise Financial Inc. now owns 1,220,749 shares of the company’s stock valued at $47,354,000 after buying an additional 225,212 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Cirrus Logic by 20.8% in the second quarter. Bank of New York Mellon Corp now owns 1,282,897 shares of the company’s stock valued at $49,764,000 after buying an additional 220,708 shares during the period. Institutional investors own 89.23% of the company’s stock.
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) traded up 0.30% during trading on Friday, hitting $53.33. 573,371 shares of the stock traded hands. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 33.10 and a beta of 0.41. Cirrus Logic Inc. has a 1-year low of $25.09 and a 1-year high of $58.08. The firm has a 50-day moving average of $52.63 and a 200-day moving average of $42.67.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.16. Cirrus Logic had a net margin of 9.26% and a return on equity of 14.44%. The firm had revenue of $259.40 million for the quarter, compared to analyst estimates of $236.67 million. During the same quarter last year, the business posted $0.54 earnings per share. The company’s quarterly revenue was down 8.2% on a year-over-year basis. On average, equities analysts forecast that Cirrus Logic Inc. will post $3.28 earnings per share for the current year.
Several research analysts recently weighed in on CRUS shares. Canaccord Genuity boosted their price objective on shares of Cirrus Logic from $56.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, September 20th. Stifel Nicolaus boosted their price objective on shares of Cirrus Logic from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Thursday, September 8th. Needham & Company LLC boosted their price objective on shares of Cirrus Logic from $50.00 to $55.00 and gave the stock a “buy” rating in a research report on Thursday, July 28th. Pacific Crest restated an “equal weight” rating on shares of Cirrus Logic in a research report on Friday, July 29th. Finally, Barclays PLC boosted their price objective on shares of Cirrus Logic from $35.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Cirrus Logic currently has a consensus rating of “Buy” and an average target price of $49.50.
In other news, VP Scott Arnold Anderson sold 40,000 shares of the firm’s stock in a transaction on Tuesday, August 2nd. The shares were sold at an average price of $48.82, for a total transaction of $1,952,800.00. Following the completion of the transaction, the vice president now owns 36,966 shares of the company’s stock, valued at $1,804,680.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David J. Tupman sold 1,500 shares of the firm’s stock in a transaction on Tuesday, July 26th. The shares were sold at an average price of $40.62, for a total transaction of $60,930.00. Following the transaction, 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.
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