Spectrum Management Group Inc. cut its stake in shares of Cirrus Logic Inc. (NASDAQ:CRUS) by 2.9% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 27,985 shares of the company’s stock after selling 850 shares during the period. Cirrus Logic makes up 0.4% of Spectrum Management Group Inc.’s portfolio, making the stock its 25th largest position. Spectrum Management Group Inc.’s holdings in Cirrus Logic were worth $1,086,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the stock. Bayesian Capital Management LP purchased a new position in Cirrus Logic during the first quarter valued at approximately $204,000. Strs Ohio boosted its position in Cirrus Logic by 22.0% in the second quarter. Strs Ohio now owns 7,200 shares of the company’s stock valued at $279,000 after buying an additional 1,300 shares during the period. Creative Planning boosted its position in Cirrus Logic by 96.5% in the second quarter. Creative Planning now owns 8,350 shares of the company’s stock valued at $324,000 after buying an additional 4,100 shares during the period. BlackRock Inc. boosted its position in 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 during the period. Finally, Commonwealth Equity Services Inc boosted its position in Cirrus Logic by 25.1% in the first quarter. Commonwealth Equity Services Inc now owns 9,564 shares of the company’s stock valued at $348,000 after buying an additional 1,916 shares during the period. 89.23% of the stock is owned by hedge funds and other institutional investors.
Cirrus Logic Inc. (NASDAQ:CRUS) traded up 0.30% during midday trading on Friday, reaching $53.33. The company had a trading volume of 573,371 shares. The firm has a 50-day moving average of $52.57 and a 200-day moving average of $42.54. The stock has a market cap of $3.33 billion, a P/E ratio of 33.10 and a beta of 0.41. Cirrus Logic Inc. has a 12 month low of $25.09 and a 12 month high of $58.08.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.16. Cirrus Logic had a return on equity of 14.44% and a net margin of 9.26%. The company earned $259.40 million during the quarter, compared to analysts’ expectations of $236.67 million. During the same quarter in the previous year, the company posted $0.54 earnings per share. The business’s revenue was down 8.2% on a year-over-year basis. On average, equities analysts expect that Cirrus Logic Inc. will post $3.28 EPS for the current fiscal year.
CRUS has been the subject of several recent research reports. Canaccord Genuity upped their price target on Cirrus Logic from $56.00 to $65.00 and gave the company a “buy” rating in a report on Tuesday, September 20th. Stifel Nicolaus upped their price target on Cirrus Logic from $55.00 to $58.00 and gave the company a “buy” rating in a report on Thursday, September 8th. Needham & Company LLC upped their price target on Cirrus Logic from $50.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Pacific Crest reaffirmed an “equal weight” rating on shares of Cirrus Logic in a report on Friday, July 29th. Finally, Barclays PLC upped their price target on Cirrus Logic from $35.00 to $38.00 and gave the company an “equal weight” rating in a report on Thursday, July 28th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $49.50.
In related news, CFO Thurman K. Case sold 24,968 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $47.26, for a total value of $1,179,987.68. Following the completion of the sale, the chief financial officer now directly owns 30,734 shares in the company, valued at $1,452,488.84. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director William D. Sherman sold 1,200 shares of the business’s stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $50.85, for a total value of $61,020.00. Following the completion of the sale, the director now owns 12,257 shares of the company’s stock, valued at $623,268.45. The disclosure for this sale can be found here. Insiders own 3.10% of the company’s stock.
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.