Mason Street Advisors LLC bought a new position in shares of Cirrus Logic Inc. (NASDAQ:CRUS) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 12,165 shares of the company’s stock, valued at approximately $472,000.
Several other large investors also recently bought and sold shares of CRUS. Public Employees Retirement System of Ohio increased its position in shares of Cirrus Logic by 6.8% in the second quarter. Public Employees Retirement System of Ohio now owns 3,090 shares of the company’s stock worth $120,000 after buying an additional 196 shares in the last quarter. Bayesian Capital Management LP acquired a new position in shares of Cirrus Logic during the first quarter worth approximately $204,000. Shelton Capital Management acquired a new position in shares of Cirrus Logic during the second quarter worth approximately $207,000. Janney Montgomery Scott LLC acquired a new position in shares of Cirrus Logic during the second quarter worth approximately $225,000. Finally, Laurion Capital Management LP acquired a new position in shares of Cirrus Logic during the second quarter worth approximately $248,000. Institutional investors and hedge funds own 89.23% of the company’s stock.
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) opened at 52.46 on Wednesday. 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 $3.28 billion, a PE ratio of 32.56 and a beta of 0.41. The stock’s 50 day moving average price is $52.12 and its 200-day moving average price is $41.74.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.16. The business had revenue of $259.40 million for the quarter, compared to analyst estimates of $236.67 million. Cirrus Logic had a return on equity of 14.44% and a net margin of 9.26%. The firm’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.54 earnings per share. On average, equities analysts anticipate that Cirrus Logic Inc. will post $3.28 earnings per share for the current fiscal year.
CRUS has been the subject of a number of analyst reports. Canaccord Genuity began coverage on Cirrus Logic in a report on Tuesday, June 21st. They issued a “buy” rating and a $52.00 price target for the company. Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 target price on the stock in a report on Monday, August 1st. Stifel Nicolaus increased their target price on Cirrus Logic from $55.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday, September 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 target price on shares of Cirrus Logic in a report on Thursday, August 4th. Finally, Pacific Crest reaffirmed an “equal weight” rating on shares of Cirrus Logic in a report on Monday, August 29th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Cirrus Logic presently has an average rating of “Buy” and an average price target of $49.10.
In related news, CEO Jason P. Rhode sold 90,156 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $48.57, for a total transaction of $4,378,876.92. Following the transaction, the chief executive officer now directly owns 179,680 shares in the company, valued at $8,727,057.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Scott Arnold Anderson sold 40,000 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $48.82, for a total value of $1,952,800.00. Following the transaction, the vice president now owns 36,966 shares in the company, valued at $1,804,680.12. The disclosure for this sale can be found here. 3.10% of the stock is owned by 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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