Public Employees Retirement System of Ohio Purchases Shares of 19,246 Cirrus Logic, Inc. $CRUS

Public Employees Retirement System of Ohio acquired a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 19,246 shares of the semiconductor company’s stock, valued at approximately $2,859,000.

A number of other institutional investors and hedge funds have also made changes to their positions in CRUS. Proficio Capital Partners LLC acquired a new position in Cirrus Logic in the second quarter valued at $623,000. Corient Private Wealth LP acquired a new stake in Cirrus Logic during the second quarter worth about $16,368,000. Bank of America Corp DE acquired a new stake in Cirrus Logic during the second quarter worth about $168,329,000. Caisse de depot et placement du Quebec purchased a new position in shares of Cirrus Logic in the 2nd quarter worth about $61,500,000. Finally, Man Group plc purchased a new position in shares of Cirrus Logic in the 2nd quarter worth about $19,908,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Cirrus Logic Trading Up 0.1%

Shares of CRUS stock opened at $113.21 on Friday. The company has a market capitalization of $5.67 billion, a PE ratio of 13.86 and a beta of 1.16. The firm has a fifty day simple moving average of $129.38 and a 200-day simple moving average of $146.45. 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 quarterly 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 analysts’ expectations of $460.32 million. During the same quarter in the previous year, the firm posted $1.51 earnings per share. The company’s revenue was up 12.9% compared to the same quarter last year. Equities research analysts predict that Cirrus Logic, Inc. will post 7.32 EPS for the current year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Jeffrey W. Baumgartner sold 1,166 shares of the company’s stock in a transaction dated Thursday, August 20th. The shares were sold at an average price of $117.89, for a total value of $137,459.74. Following the sale, the executive vice president owned 14,073 shares in the company, valued at approximately $1,659,065.97. This represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, 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 value of $935,405.44. Following the completion of the transaction, the executive vice president 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. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 11,424 shares of company stock worth $1,644,091 over the last ninety days. 1.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRUS. Barclays decreased their target price on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a report on Thursday, August 6th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. KeyCorp dropped their price objective 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, Stifel Nicolaus reduced their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cirrus Logic has an average rating of “Hold” and an average target price of $150.71.

Cirrus Logic Company 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.