Great West Life Assurance Co. Can raised its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 61,004 shares of the semiconductor company’s stock after buying an additional 1,468 shares during the period. Great West Life Assurance Co. Can owned approximately 0.10% of Cirrus Logic worth $3,822,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Advisory Services Network LLC acquired a new position in shares of Cirrus Logic during the first quarter worth approximately $108,000. Huntington National Bank increased its position in shares of Cirrus Logic by 0.5% in the first quarter. Huntington National Bank now owns 2,442 shares of the semiconductor company’s stock worth $148,000 after buying an additional 11 shares in the last quarter. Mckinley Capital Management LLC Delaware acquired a new position in shares of Cirrus Logic during the first quarter worth approximately $174,000. Soros Fund Management LLC acquired a new position in shares of Cirrus Logic during the first quarter worth approximately $225,000. Finally, Envestnet Asset Management Inc. increased its position in shares of Cirrus Logic by 76.4% in the first quarter. Envestnet Asset Management Inc. now owns 3,778 shares of the semiconductor company’s stock worth $228,000 after buying an additional 1,636 shares in the last quarter. 94.48% of the stock is owned by hedge funds and other institutional investors.
Cirrus Logic, Inc. (NASDAQ:CRUS) opened at 56.07 on Thursday. Cirrus Logic, Inc. has a 12-month low of $47.01 and a 12-month high of $71.97. The firm’s 50-day moving average price is $61.63 and its 200-day moving average price is $61.39. The company has a market cap of $3.58 billion, a P/E ratio of 13.11 and a beta of 0.01.
Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.15. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The business had revenue of $320.70 million for the quarter, compared to the consensus estimate of $320.32 million. During the same period last year, the business earned $0.44 earnings per share. The firm’s revenue for the quarter was up 23.6% compared to the same quarter last year. Analysts expect that Cirrus Logic, Inc. will post $4.74 EPS for the current year.
A number of research analysts recently commented on the company. Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $64.00 price target for the company in a report on Monday, August 7th. Stifel Nicolaus reissued a “buy” rating and issued a $73.00 price target (down previously from $75.00) on shares of Cirrus Logic in a report on Wednesday, August 9th. KeyCorp reissued an “overweight” rating and issued a $75.00 price target on shares of Cirrus Logic in a report on Wednesday, July 12th. Vetr raised Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $66.67 price target for the company in a report on Thursday, August 3rd. Finally, Dougherty & Co increased their price target on Cirrus Logic from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, May 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Cirrus Logic currently has a consensus rating of “Buy” and a consensus price target of $68.59.
In related news, VP Randolph K. Carlson sold 53,332 shares of Cirrus Logic stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $57.10, for a total transaction of $3,045,257.20. Following the sale, the vice president now directly owns 27,265 shares of the company’s stock, valued at $1,556,831.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Alan R. Schuele sold 2,000 shares of Cirrus Logic stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $57.30, for a total value of $114,600.00. Following the sale, the director now directly owns 14,165 shares in the company, valued at $811,654.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,787 shares of company stock worth $3,769,625. 1.92% 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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