Principal Financial Group Inc. grew its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 4.3% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 276,706 shares of the semiconductor company’s stock after purchasing an additional 11,483 shares during the period. Principal Financial Group Inc. owned about 0.43% of Cirrus Logic worth $17,355,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently modified their holdings of the company. Fortaleza Asset Management Inc. bought a new stake in Cirrus Logic during the 2nd quarter worth approximately $102,000. Mckinley Capital Management LLC Delaware bought a new stake in Cirrus Logic during the 1st quarter worth approximately $174,000. Turner Investments LLC bought a new stake in Cirrus Logic during the 2nd quarter worth approximately $220,000. Soros Fund Management LLC bought a new stake in Cirrus Logic during the 1st quarter worth approximately $225,000. Finally, Envestnet Asset Management Inc. increased its holdings in Cirrus Logic by 76.4% during the 1st quarter. Envestnet Asset Management Inc. now owns 3,778 shares of the semiconductor company’s stock worth $228,000 after purchasing an additional 1,636 shares in the last quarter. 89.15% of the stock is owned by hedge funds and other institutional investors.
Cirrus Logic, Inc. (CRUS) opened at 57.85 on Friday. The stock has a market cap of $3.69 billion and a P/E ratio of 13.53. The company has a 50-day moving average price of $57.19 and a 200 day moving average price of $61.40. Cirrus Logic, Inc. has a 1-year low of $49.05 and a 1-year high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $320.32 million. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. Cirrus Logic’s revenue was up 23.6% on a year-over-year basis. During the same quarter last year, the business posted $0.44 EPS. Equities analysts expect that Cirrus Logic, Inc. will post $4.74 earnings per share for the current fiscal year.
A number of analysts have commented on the company. Craig Hallum reissued a “hold” rating on shares of Cirrus Logic in a report on Wednesday. KeyCorp reissued an “overweight” rating on shares of Cirrus Logic in a report on Thursday. Stifel Nicolaus reissued a “buy” rating on shares of Cirrus Logic in a report on Wednesday. Zacks Investment Research lowered Cirrus Logic from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, Vetr raised Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $66.67 price objective for the company in a report on Thursday, August 3rd. One equities 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 given a strong buy rating to the stock. Cirrus Logic currently has a consensus rating of “Buy” and an average target price of $68.59.
In other news, Director William D. Sherman sold 1,378 shares of Cirrus Logic stock in a transaction dated Monday, July 31st. The stock was 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 directly owns 7,307 shares in the company, valued at approximately $451,864.88. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Thurman K. Case sold 8,610 shares of Cirrus Logic stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $57.35, for a total value of $493,783.50. Following the sale, the chief financial officer now owns 3,880 shares of the company’s stock, valued at $222,518. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,313 shares of company stock worth $5,235,918. Company insiders own 1.92% of the company’s stock.
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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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