Quantbot Technologies LP Raises Position in Cirrus Logic, Inc. $CRUS

Quantbot Technologies LP lifted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 77.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 26,646 shares of the semiconductor company’s stock after acquiring an additional 11,668 shares during the period. Quantbot Technologies LP’s holdings in Cirrus Logic were worth $2,778,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. M&T Bank Corp purchased a new position in Cirrus Logic during the second quarter valued at $269,000. Claret Asset Management Corp bought a new position in shares of Cirrus Logic in the second quarter worth about $229,000. Edgestream Partners L.P. raised its stake in shares of Cirrus Logic by 700.9% in the second quarter. Edgestream Partners L.P. now owns 71,707 shares of the semiconductor company’s stock worth $7,476,000 after buying an additional 62,754 shares during the period. New York State Common Retirement Fund lifted its position in shares of Cirrus Logic by 4.3% during the 2nd quarter. New York State Common Retirement Fund now owns 30,733 shares of the semiconductor company’s stock valued at $3,204,000 after buying an additional 1,275 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in shares of Cirrus Logic by 15.8% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 53,648 shares of the semiconductor company’s stock valued at $5,593,000 after acquiring an additional 7,334 shares during the period. 87.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CRUS. Barclays increased their target price on shares of Cirrus Logic from $90.00 to $95.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 5th. Wall Street Zen lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Zacks Research upgraded shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 27th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Monday. Finally, Williams Trading set a $150.00 target price on shares of Cirrus Logic in a report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Cirrus Logic currently has an average rating of “Moderate Buy” and a consensus target price of $141.67.

Insider Activity at Cirrus Logic

In related news, EVP Scott Thomas sold 11,089 shares of the stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $121.49, for a total transaction of $1,347,202.61. Following the completion of the transaction, the executive vice president directly owned 26,307 shares of the company’s stock, valued at approximately $3,196,037.43. This represents a 29.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Andrew Brannan sold 8,913 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $119.06, for a total value of $1,061,181.78. Following the transaction, the executive vice president owned 5,950 shares of the company’s stock, valued at $708,407. This represents a 59.97% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 32,100 shares of company stock worth $3,861,510 over the last 90 days. Company insiders own 1.16% of the company’s stock.

Cirrus Logic Price Performance

Shares of CRUS opened at $121.88 on Friday. The firm has a market cap of $6.22 billion, a P/E ratio of 17.31 and a beta of 1.08. Cirrus Logic, Inc. has a 1 year low of $75.83 and a 1 year high of $136.92. The company has a 50 day simple moving average of $123.59 and a two-hundred day simple moving average of $113.51.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Tuesday, November 4th. The semiconductor company reported $2.83 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.51. The firm had revenue of $560.96 million during the quarter, compared to analyst estimates of $540.45 million. Cirrus Logic had a net margin of 19.48% and a return on equity of 19.59%. Cirrus Logic’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.25 earnings per share. On average, sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.