Sei Investments Co. Cuts Stock Holdings in Cirrus Logic, Inc. $CRUS

Sei Investments Co. reduced its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 926,639 shares of the semiconductor company’s stock after selling 20,419 shares during the period. Sei Investments Co. owned about 1.82% of Cirrus Logic worth $134,010,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd increased its holdings in Cirrus Logic by 7,333.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 220 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in shares of Cirrus Logic by 120.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after acquiring an additional 120 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Cirrus Logic during the 4th quarter worth about $33,000. Torren Management LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter valued at about $35,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter valued at about $36,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the completion of the sale, the executive vice president directly owned 7,203 shares in the company, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,458 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $145.97, for a total value of $212,824.26. Following the transaction, the executive vice president directly owned 16,405 shares of the company’s stock, valued at $2,394,637.85. The trade was a 8.16% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 22,299 shares of company stock worth $3,581,647 in the last quarter. 1.20% of the stock is owned by insiders.

Cirrus Logic Stock Down 4.3%

CRUS opened at $133.53 on Friday. The firm’s fifty day simple moving average is $156.93 and its two-hundred day simple moving average is $148.50. Cirrus Logic, Inc. has a 52-week low of $92.02 and a 52-week high of $180.42. The company has a market cap of $6.74 billion, a price-to-earnings ratio of 17.03 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business had revenue of $448.52 million during the quarter, compared to analysts’ expectations of $442.25 million. During the same quarter in the previous year, the company earned $1.67 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. On average, research analysts forecast that Cirrus Logic, Inc. will post 7.86 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Barclays raised their price objective on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a research report on Thursday, May 7th. Finally, Zacks Research downgraded Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. 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 MarketBeat.com, Cirrus Logic currently has a consensus rating of “Moderate Buy” and a consensus price target of $160.29.

About Cirrus Logic

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.