Creative Planning cut its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 1.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 10,266 shares of the semiconductor company’s stock after selling 150 shares during the period. Creative Planning’s holdings in Cirrus Logic were worth $644,000 as of its most recent filing with the SEC.
Other institutional investors also recently made changes to their positions in the company. Ibex Wealth Advisors acquired a new stake in Cirrus Logic during the fourth quarter worth approximately $886,000. Norges Bank acquired a new stake in Cirrus Logic during the fourth quarter worth approximately $36,132,000. Soros Fund Management LLC acquired a new stake in Cirrus Logic during the first quarter worth approximately $225,000. Capital One National Association boosted its stake in Cirrus Logic by 8.0% in the second quarter. Capital One National Association now owns 39,549 shares of the semiconductor company’s stock worth $2,481,000 after buying an additional 2,938 shares in the last quarter. Finally, Miles Capital Inc. boosted its stake in Cirrus Logic by 0.3% in the first quarter. Miles Capital Inc. now owns 3,796 shares of the semiconductor company’s stock worth $230,000 after buying an additional 10 shares in the last quarter. 94.23% of the stock is currently owned by institutional investors.
Cirrus Logic, Inc. (CRUS) opened at 55.13 on Friday. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 12.89 and a beta of 0.01. 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 $62.38 and its 200 day moving average price is $61.49.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.15. The firm had revenue of $320.70 million during the quarter, compared to analysts’ expectations of $320.32 million. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The firm’s quarterly revenue was up 23.6% on a year-over-year basis. During the same quarter last year, the company posted $0.44 EPS. On average, equities research analysts predict that Cirrus Logic, Inc. will post $4.74 EPS for the current fiscal year.
CRUS has been the topic of a number of recent analyst reports. BidaskClub cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Vetr cut Cirrus Logic from a “strong-buy” rating to a “buy” rating and set a $70.00 price target on the stock. in a report on Tuesday, April 18th. Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Monday, August 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 target price (up from $70.00) on shares of Cirrus Logic in a report on Thursday, June 1st. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $75.00 target price on shares of Cirrus Logic in a report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently 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 the stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $57.10, for a total transaction of $3,045,257.20. Following the completion of the transaction, the vice president now owns 27,265 shares of the company’s stock, valued at approximately $1,556,831.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Scott Arnold Anderson sold 17,466 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $64.20, for a total transaction of $1,121,317.20. Following the completion of the transaction, the vice president now directly owns 24,432 shares of the company’s stock, valued at approximately $1,568,534.40. The disclosure for this sale can be found here. Insiders have sold a total of 105,719 shares of company stock valued at $6,342,696 in the last ninety days. 1.92% of the stock is currently owned by corporate 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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