Cirrus Logic, Inc. $CRUS Stock: Virtus Advisers LLC Trims Position

Virtus Advisers LLC lessened its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 25.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,535 shares of the semiconductor company’s stock after selling 4,690 shares during the quarter. Cirrus Logic comprises about 0.6% of Virtus Advisers LLC’s holdings, making the stock its 29th biggest holding. Virtus Advisers LLC’s holdings in Cirrus Logic were worth $1,624,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Coppell Advisory Solutions LLC purchased a new stake in Cirrus Logic in the second quarter valued at $39,000. Public Employees Retirement System of Ohio purchased a new position in shares of Cirrus Logic during the second quarter worth about $2,859,000. Assenagon Asset Management S.A. grew its holdings in shares of Cirrus Logic by 37.6% during the second quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company’s stock worth $31,766,000 after purchasing an additional 58,446 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Cirrus Logic during the second quarter worth about $168,329,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Cirrus Logic during the third quarter worth about $1,329,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $107.75, for a total value of $125,636.50. Following the transaction, the executive vice president directly owned 11,741 shares in the company, valued at approximately $1,265,092.75. This trade represents a 9.03% 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. Over the last ninety days, insiders sold 3,498 shares of company stock worth $401,850. 1.20% of the stock is currently owned by company insiders.

Cirrus Logic Trading Down 1.2%

Shares of NASDAQ CRUS traded down $1.52 during midday trading on Friday, reaching $120.19. 537,256 shares of the company were exchanged, compared to its average volume of 796,471. Cirrus Logic, Inc. has a 1 year low of $105.10 and a 1 year high of $180.42. The stock has a fifty day simple moving average of $115.22 and a 200 day simple moving average of $137.95. The stock has a market cap of $5.99 billion, a P/E ratio of 15.18 and a beta of 1.23.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, November 4th. The semiconductor company reported $2.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.42 by $0.28. The firm had revenue of $559.46 million for the quarter, compared to analysts’ expectations of $540.37 million. Cirrus Logic had a return on equity of 19.77% and a net margin of 20.20%. The firm’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.83 EPS. As a group, analysts forecast that Cirrus Logic, Inc. will post 6.90 earnings per share for the current year.

Wall Street Analyst Weigh In

CRUS has been the subject of several research reports. Stifel Nicolaus reduced their target price on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a report on Thursday, August 6th. Wall Street Zen downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Sunday, October 18th. KeyCorp lowered Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 15th. Weiss Ratings cut Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, November 3rd. Finally, Susquehanna reduced their price objective on Cirrus Logic from $200.00 to $170.00 and set a “positive” rating for the company in a research note on Wednesday, October 21st. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $147.50.

Cirrus Logic Profile

Cirrus Logic is a fabless semiconductor company that designs high-performance, low-power integrated circuits, with a focus on audio and mixed-signal technologies. Its products include audio converters and codecs, amplifiers, and other components used to capture, process, and reproduce sound. The company also develops mixed-signal products for applications such as haptics and power management. Its chips are designed for a range of markets, including smartphones, computers, consumer audio equipment, automotive systems, and industrial devices.