Corient Private Wealth LP Sells 11,705 Shares of Cirrus Logic, Inc. $CRUS

Corient Private Wealth LP lessened its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 9.6% during the second quarter, HoldingsChannel.com reports. The fund owned 110,806 shares of the semiconductor company’s stock after selling 11,705 shares during the quarter. Corient Private Wealth LP’s holdings in Cirrus Logic were worth $16,458,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. HighTower Advisors LLC lifted its position in Cirrus Logic by 11.2% during the second quarter. HighTower Advisors LLC now owns 16,119 shares of the semiconductor company’s stock valued at $2,394,000 after purchasing an additional 1,619 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Cirrus Logic in the 2nd quarter worth approximately $4,410,000. California State Teachers Retirement System grew its position in Cirrus Logic by 14,777.9% in the 2nd quarter. California State Teachers Retirement System now owns 8,769,954 shares of the semiconductor company’s stock worth $1,302,601,000 after purchasing an additional 8,711,008 shares during the period. Wedmont Private Capital raised its stake in Cirrus Logic by 6.9% during the 2nd quarter. Wedmont Private Capital now owns 1,644 shares of the semiconductor company’s stock valued at $247,000 after buying an additional 106 shares during the last quarter. Finally, AlphaGrep UK Ltd purchased a new stake in Cirrus Logic during the 2nd quarter valued at $244,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Trading Down 2.1%

Shares of CRUS stock opened at $116.34 on Tuesday. Cirrus Logic, Inc. has a 12 month low of $106.26 and a 12 month high of $180.42. The stock has a market cap of $5.83 billion, a P/E ratio of 14.24 and a beta of 1.16. The company has a 50 day simple moving average of $125.46 and a two-hundred day simple moving average of $145.23.

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

Insider Buying and Selling at Cirrus Logic

In related news, EVP Andrew Brannan sold 6,464 shares of the firm’s stock in a transaction on Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the transaction, the executive vice president directly owned 7,203 shares of the company’s stock, valued at approximately $1,042,346.13. This trade represents a 47.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey Baumgartner sold 1,166 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $117.89, for a total value of $137,459.74. Following the completion of the transaction, the executive vice president directly owned 14,073 shares in the company, valued at $1,659,065.97. This trade represents a 7.65% decrease in their position. 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. Insiders sold a total of 11,424 shares of company stock valued at $1,644,091 over the last 90 days. 1.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CRUS shares. KeyCorp dropped their price target on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, August 6th. Barclays cut their price objective 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. Zacks Research downgraded Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Stifel Nicolaus lowered their target price on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a report on Thursday, August 6th. Finally, Jefferies Financial Group raised 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 assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cirrus Logic presently has an average rating of “Hold” and an average target price of $150.71.

About Cirrus Logic

Cirrus Logic, Inc (NASDAQ: CRUS) is a fabless semiconductor company that develops high-performance, low-power integrated circuits and related software. Its products are designed to process audio and other mixed-signal information in electronic devices, helping manufacturers deliver high-quality sound, efficient power management and responsive user experiences.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, smart codecs, haptic-control solutions and other mixed-signal components.