JPMorgan Chase & Co. Acquires 298,388 Shares of Cirrus Logic, Inc. (CRUS)

JPMorgan Chase & Co. increased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 111.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 565,509 shares of the semiconductor company’s stock after buying an additional 298,388 shares during the period. JPMorgan Chase & Co. owned 0.88% of Cirrus Logic worth $35,470,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Evanston Investments Inc. dba Evanston Advisors bought a new stake in shares of Cirrus Logic during the second quarter worth approximately $1,254,000. Soros Fund Management LLC bought a new stake in shares of Cirrus Logic during the first quarter worth approximately $225,000. State of Tennessee Treasury Department raised its stake in shares of Cirrus Logic by 135.2% during the second quarter. State of Tennessee Treasury Department now owns 211,710 shares of the semiconductor company’s stock worth $13,278,000 after buying an additional 121,710 shares during the last quarter. Capital One National Association raised its stake in shares of Cirrus Logic by 8.0% during 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 during the last quarter. Finally, James Investment Research Inc. bought a new stake in shares of Cirrus Logic during the second quarter worth approximately $1,342,000. 89.15% of the stock is owned by institutional investors and hedge funds.

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A number of equities research analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $80.00 price target (up from $70.00) on shares of Cirrus Logic in a research note on Thursday, June 1st. Barclays PLC downgraded shares of Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 price target for the company. in a research note on Tuesday, July 18th. Stifel Nicolaus boosted their price target 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. KeyCorp reissued an “overweight” rating and set a $75.00 price target on shares of Cirrus Logic in a research note on Wednesday, July 12th. Finally, BidaskClub downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $68.59.

In other news, Director William D. Sherman sold 1,378 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $61.84, for a total transaction of $85,215.52. Following the completion of the sale, the director now owns 7,307 shares of the company’s stock, valued at approximately $451,864.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Alan R. Schuele sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $57.30, for a total transaction of $114,600.00. Following the sale, the director now directly owns 14,165 shares of the company’s stock, valued at approximately $811,654.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,313 shares of company stock valued at $5,235,918. Insiders own 1.92% of the company’s stock.

Cirrus Logic, Inc. (CRUS) opened at 57.85 on Friday. The firm has a market cap of $3.69 billion and a PE ratio of 13.53. Cirrus Logic, Inc. has a one year low of $49.05 and a one year high of $71.97. The company’s 50-day moving average is $57.19 and its 200-day moving average is $61.40.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, topping the 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 analyst estimates of $320.32 million. During the same quarter last year, the business earned $0.44 EPS. The company’s revenue was up 23.6% compared to the same quarter last year. On average, analysts forecast that Cirrus Logic, Inc. will post $4.74 earnings per share for the current fiscal year.

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.

Institutional Ownership by Quarter for Cirrus Logic (NASDAQ:CRUS)

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