Wellington Management Group LLP Trims Stake in Cirrus Logic, Inc. $CRUS

Wellington Management Group LLP reduced its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 50.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 652,160 shares of the semiconductor company’s stock after selling 661,790 shares during the period. Wellington Management Group LLP’s holdings in Cirrus Logic were worth $96,865,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Glenview Trust Co bought a new stake in Cirrus Logic during the 2nd quarter valued at approximately $1,776,000. Empowered Funds LLC purchased a new position in shares of Cirrus Logic in the 2nd quarter valued at approximately $26,290,000. Caitlin John LLC purchased a new position in shares of Cirrus Logic in the 2nd quarter valued at approximately $449,000. Public Employees Retirement System of Ohio bought a new stake in shares of Cirrus Logic during the second quarter valued at approximately $2,859,000. Finally, Proficio Capital Partners LLC bought a new stake in shares of Cirrus Logic during the second quarter valued at approximately $623,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Wall Street Zen downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Barclays reduced their target price on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 6th. KeyCorp lowered their price target on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a research report on Thursday, August 6th. Finally, Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $150.71.

Cirrus Logic Stock Down 0.4%

CRUS stock opened at $109.07 on Wednesday. The business has a 50 day moving average of $131.76 and a 200 day moving average of $147.11. The firm has a market cap of $5.47 billion, a PE ratio of 13.35 and a beta of 1.16. Cirrus Logic, Inc. has a twelve month low of $106.26 and a twelve month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, topping the consensus estimate of $1.81 by $0.03. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The business had revenue of $459.72 million for the quarter, compared to the consensus estimate of $460.32 million. During the same period in the previous year, the company posted $1.51 earnings per share. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. On average, research analysts expect that Cirrus Logic, Inc. will post 7.32 earnings per share for the current fiscal year.

Insider Transactions at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 1,458 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $145.97, for a total transaction of $212,824.26. Following the completion of the sale, the executive vice president directly owned 16,405 shares in the company, valued at approximately $2,394,637.85. This trade represents a 8.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic stock in a transaction dated 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 transaction, the executive vice president directly owned 7,203 shares of the company’s stock, valued at $1,042,346.13. This trade represents a 47.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 11,424 shares of company stock worth $1,644,091. 1.20% of the stock is currently owned by company insiders.

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.