TrimTabs Asset Management LLC bought a new stake in shares of Cirrus Logic Inc. (NASDAQ:CRUS) during the second quarter, Holdings Channel reports. The fund bought 46,592 shares of the company’s stock, valued at approximately $1,807,000. Cirrus Logic comprises about 1.2% of TrimTabs Asset Management LLC’s holdings, making the stock its 10th largest position.
A number of other hedge funds also recently made changes to their positions in the stock. Commonwealth Equity Services Inc raised its position in shares of 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. Aperio Group LLC raised its position in shares of Cirrus Logic by 16.1% in the first quarter. Aperio Group LLC now owns 9,836 shares of the company’s stock valued at $358,000 after buying an additional 1,361 shares during the period. BlackRock Inc. raised its position 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 during the period. Credit Agricole S A acquired a new position in shares of Cirrus Logic during the first quarter valued at about $637,000. Finally, Cupps Capital Management LLC acquired a new position in shares of Cirrus Logic during the first quarter valued at about $1,707,000. Institutional investors and hedge funds own 89.23% of the company’s stock.
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) traded down 0.56% on Wednesday, reaching $53.25. The company’s stock had a trading volume of 200,935 shares. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 33.05 and a beta of 0.41. Cirrus Logic Inc. has a 52-week low of $25.09 and a 52-week high of $58.08. The stock has a 50-day moving average of $52.71 and a 200 day moving average of $42.97.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.16. The company 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 quarterly revenue was down 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.54 earnings per share. On average, equities research analysts forecast that Cirrus Logic Inc. will post $3.28 earnings per share for the current year.
Several equities analysts have issued reports on CRUS shares. Canaccord Genuity boosted their price target on Cirrus Logic from $56.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, September 20th. Stifel Nicolaus upped their target price on 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 upped their target price on 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 reaffirmed an “equal weight” rating on shares of Cirrus Logic in a research report on Friday, July 29th. Finally, Barclays PLC upped their target price on 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 equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $49.50.
In other Cirrus Logic news, Director David J. Tupman sold 1,500 shares of the business’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 value of $60,930.00. Following the sale, the director now owns 2,500 shares of the company’s stock, valued at $101,550. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jason P. Rhode sold 90,156 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $48.57, for a total value 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 approximately $8,727,057.60. The disclosure for this sale can be found here. 3.10% of the stock is owned by company insiders.
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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