Swiss National Bank boosted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 107,000 shares of the semiconductor company’s stock after buying an additional 2,100 shares during the period. Swiss National Bank owned approximately 0.17% of Cirrus Logic worth $6,711,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Fortaleza Asset Management Inc. bought a new position in Cirrus Logic during the second quarter valued at approximately $102,000. Mckinley Capital Management LLC Delaware bought a new position in Cirrus Logic during the first quarter valued at approximately $174,000. Turner Investments LLC bought a new position in Cirrus Logic during the second quarter valued at approximately $220,000. Soros Fund Management LLC bought a new position in Cirrus Logic during the first quarter valued at approximately $225,000. Finally, Envestnet Asset Management Inc. boosted its stake in Cirrus Logic by 76.4% during the first quarter. Envestnet Asset Management Inc. now owns 3,778 shares of the semiconductor company’s stock valued at $228,000 after buying an additional 1,636 shares during the last quarter. 89.15% of the stock is owned by institutional investors.
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Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) opened at 57.85 on Friday. Cirrus Logic, Inc. has a 1-year low of $49.05 and a 1-year high of $71.97. The stock has a 50 day moving average price of $57.19 and a 200 day moving average price of $61.40. The company has a market capitalization of $3.69 billion and a price-to-earnings ratio of 13.53.
Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.15. The business 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%. The business’s revenue for the quarter was up 23.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.44 EPS. On average, equities analysts anticipate that Cirrus Logic, Inc. will post $4.74 EPS for the current fiscal year.
A number of brokerages recently commented on CRUS. KeyCorp reissued an “overweight” rating on shares of Cirrus Logic in a research note on Thursday. Craig Hallum reissued a “hold” rating on shares of Cirrus Logic in a research note on Wednesday. Stifel Nicolaus reissued a “buy” rating and set a $73.00 price target (down from $75.00) on shares of Cirrus Logic in a research note on Wednesday, August 9th. 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 research note on Monday, August 7th. Finally, BidaskClub lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Cirrus Logic has a consensus rating of “Buy” and an average target price of $68.59.
In other news, VP Andrew Brannan sold 21,504 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $55.10, for a total transaction of $1,184,870.40. Following the transaction, the vice president now directly owns 21,504 shares in the company, valued at approximately $1,184,870.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director William D. Sherman sold 1,378 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $61.84, for a total value of $85,215.52. Following the transaction, the director now owns 7,307 shares in the company, valued at $451,864.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,313 shares of company stock worth $5,235,918. Insiders own 1.92% of the company’s stock.
Cirrus Logic 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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