Bessemer Group Inc. maintained its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,300 shares of the semiconductor company’s stock at the end of the second quarter. Bessemer Group Inc. owned approximately 0.07% of Cirrus Logic worth $2,779,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of CRUS. Advisory Services Network LLC purchased a new stake in shares of Cirrus Logic during the first quarter worth $108,000. Huntington National Bank boosted its stake 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 during the last quarter. Mckinley Capital Management LLC Delaware purchased a new stake in shares of Cirrus Logic during the first quarter worth $174,000. Soros Fund Management LLC purchased a new stake in shares of Cirrus Logic during the first quarter worth $225,000. Finally, Envestnet Asset Management Inc. boosted its stake 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 during the last quarter. 94.48% of the stock is owned by institutional investors.
Shares of Cirrus Logic, Inc. (CRUS) traded down 0.22% during trading on Friday, hitting $54.63. 741,264 shares of the stock were exchanged. Cirrus Logic, Inc. has a 1-year low of $47.01 and a 1-year high of $71.97. The company has a market cap of $3.49 billion, a P/E ratio of 12.78 and a beta of 0.01. The firm’s 50-day moving average is $61.09 and its 200 day moving average is $61.30.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The firm had revenue of $320.70 million during the quarter, compared to analysts’ expectations of $320.32 million. During the same period in the previous year, the business posted $0.44 earnings per share. The company’s revenue for the quarter was up 23.6% compared to the same quarter last year. Equities analysts forecast that Cirrus Logic, Inc. will post $4.74 earnings per share for the current fiscal year.
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CRUS has been the subject of a number of analyst reports. Stifel Nicolaus boosted their price objective on shares of Cirrus Logic from $70.00 to $73.00 and gave the stock a “buy” rating in a research note on Wednesday, May 24th. Vetr upgraded shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $66.67 price objective for the company in a research note on Thursday, August 3rd. KeyCorp restated an “overweight” rating and issued a $75.00 price objective on shares of Cirrus Logic in a research note on Wednesday, July 12th. Zacks Investment Research cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $80.00 target price (up from $70.00) on shares of Cirrus Logic in a research note on Thursday, June 1st. 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 issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $68.59.
In other news, Director Christine King sold 5,000 shares of Cirrus Logic stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $56.31, for a total transaction of $281,550.00. Following the completion of the sale, the director now owns 16,182 shares of the company’s stock, valued at $911,208.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Randolph K. Carlson sold 53,332 shares of Cirrus Logic stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $57.10, for a total value of $3,045,257.20. Following the sale, the vice president now directly owns 27,265 shares of the company’s stock, valued at approximately $1,556,831.50. The disclosure for this sale can be found here. Insiders have sold 70,787 shares of company stock valued at $4,051,175 in the last three months. Insiders own 1.92% 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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