23,206 Shares in Cirrus Logic, Inc. $CRUS Purchased by Jupiter Topco LLC

Jupiter Topco LLC bought a new position in Cirrus Logic, Inc. (NASDAQ:CRUS) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 23,206 shares of the semiconductor company’s stock, valued at approximately $3,445,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CRUS. BlackRock Inc. bought a new position in shares of Cirrus Logic during the second quarter valued at approximately $840,638,000. Norges Bank bought a new stake in shares of Cirrus Logic in the 4th quarter worth approximately $69,674,000. Bank of New York Mellon Corp bought a new stake in shares of Cirrus Logic in the 2nd quarter worth approximately $55,562,000. Invesco Ltd. boosted its position in Cirrus Logic by 133.6% during the 4th quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock valued at $76,136,000 after purchasing an additional 367,488 shares during the period. Finally, Defiance ETFs LLC acquired a new position in Cirrus Logic during the 4th quarter valued at approximately $38,050,000. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cirrus Logic

In other news, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were 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 directly owned 7,203 shares in the company, valued at $1,042,346.13. This trade represents a 47.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,166 shares of the firm’s stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $117.89, for a total transaction of $137,459.74. Following the transaction, the executive vice president owned 14,073 shares in the company, valued at $1,659,065.97. This 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 have sold a total of 11,424 shares of company stock worth $1,644,091 over the last 90 days. 1.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CRUS. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Stifel Nicolaus lowered their price target on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Zacks Research cut shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. KeyCorp cut their price objective on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, August 6th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Five analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Cirrus Logic presently has a consensus rating of “Hold” and a consensus target price of $150.71.

Cirrus Logic Stock Performance

Shares of CRUS opened at $109.07 on Wednesday. The firm has a market capitalization of $5.47 billion, a price-to-earnings ratio of 13.35 and a beta of 1.16. Cirrus Logic, Inc. has a one year low of $106.26 and a one year high of $180.42. The stock’s fifty day moving average is $131.76 and its 200-day moving average is $147.11.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. The business had revenue of $459.72 million for the quarter, compared to analysts’ expectations of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The company’s revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.51 earnings per share. Analysts forecast that Cirrus Logic, Inc. will post 7.32 EPS for the current fiscal year.

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.