Summit Partners Public Asset Management LLC Has $2.13 Million Stock Holdings in Cirrus Logic, Inc. $CRUS

Summit Partners Public Asset Management LLC decreased its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 87.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 18,000 shares of the semiconductor company’s stock after selling 120,500 shares during the period. Summit Partners Public Asset Management LLC’s holdings in Cirrus Logic were worth $2,133,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Cirrus Logic in the 4th quarter valued at $33,000. Torren Management LLC acquired a new position in Cirrus Logic in the 4th quarter worth $35,000. Kestra Advisory Services LLC bought a new stake in Cirrus Logic during the 4th quarter worth about $36,000. CIBC Private Wealth Group LLC lifted its position in Cirrus Logic by 29.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock worth $46,000 after buying an additional 88 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in Cirrus Logic by 95.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after buying an additional 232 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRUS. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research report on Thursday, May 7th. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Barclays upped their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a report on Friday, March 27th. Finally, KeyCorp upped their target price on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $161.71.

Cirrus Logic Trading Down 3.1%

CRUS stock opened at $160.76 on Wednesday. The firm has a market capitalization of $8.11 billion, a PE ratio of 20.51 and a beta of 1.15. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42. The business’s 50 day simple moving average is $165.89 and its 200 day simple moving average is $143.45.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping analysts’ consensus estimates of $1.76 by $0.19. The business had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.26 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The firm’s revenue was up 5.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.67 EPS. As a group, sell-side analysts predict that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Insider Transactions at Cirrus Logic

In other Cirrus Logic news, EVP Justin E. Dougherty sold 2,000 shares of the stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $166.50, for a total value of $333,000.00. Following the transaction, the executive vice president directly owned 4,537 shares of the company’s stock, valued at $755,410.50. This represents a 30.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total transaction of $159,000.00. Following the completion of the transaction, the director directly owned 20,531 shares in the company, valued at approximately $3,264,429. This represents a 4.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 23,149 shares of company stock worth $3,828,401. 1.20% of the stock is currently owned by insiders.

Cirrus Logic Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.