Teacher Retirement System of Texas raised its stake in shares of Cirrus Logic Inc. (NASDAQ:CRUS) by 13.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,892 shares of the company’s stock after buying an additional 1,078 shares during the period. Teacher Retirement System of Texas’ holdings in Cirrus Logic were worth $345,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the stock. Springbok Capital Management LLC acquired a new position in shares of Cirrus Logic during the first quarter valued at about $1,185,000. Bayesian Capital Management LP acquired a new position in shares of Cirrus Logic during the first quarter valued at about $204,000. Wellington Management Group LLP acquired a new position in shares of Cirrus Logic during the first quarter valued at about $16,028,000. Geode Capital Management LLC increased its position 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 during the last quarter. Finally, Nicholas Investment Partners LP acquired a new position in shares of Cirrus Logic during the first quarter valued at about $1,247,000. Hedge funds and other institutional investors own 89.23% of the company’s stock.
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) traded down 2.29% during midday trading on Thursday, hitting $52.86. The company had a trading volume of 315,862 shares. The stock’s 50-day moving average price is $52.53 and its 200-day moving average price is $42.46. Cirrus Logic Inc. has a one year low of $25.09 and a one year high of $58.08. The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of 32.81 and a beta of 0.41.
Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.16. Cirrus Logic had a return on equity of 14.44% and a net margin of 9.26%. The firm earned $259.40 million during the quarter, compared to analysts’ expectations of $236.67 million. During the same period in the prior year, the company earned $0.54 earnings per share. The company’s quarterly revenue was down 8.2% on a year-over-year basis. Analysts predict that Cirrus Logic Inc. will post $3.28 EPS for the current year.
Several brokerages have issued reports on CRUS. Canaccord Genuity lifted their price objective on Cirrus Logic from $56.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, September 20th. Stifel Nicolaus lifted their price objective on Cirrus Logic from $58.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday. Zacks Investment Research downgraded Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 27th. Pacific Crest reiterated a “hold” rating on shares of Cirrus Logic in a research report on Tuesday, August 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Cirrus Logic in a research report on Thursday, August 4th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Cirrus Logic has a consensus rating of “Buy” and an average target price of $49.50.
In other Cirrus Logic news, CEO Jason P. Rhode sold 90,156 shares of the company’s stock in a transaction on 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 completion of the sale, the chief executive officer now directly owns 179,680 shares in the company, valued at $8,727,057.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Thurman K. Case sold 24,968 shares of the company’s stock in a transaction 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 sale, the chief financial officer now owns 30,734 shares of the company’s stock, valued at $1,452,488.84. 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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