VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Holdings in Cirrus Logic, Inc. $CRUS

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) in the 2nd quarter, Holdings Channel reports. The firm purchased 29,688 shares of the semiconductor company’s stock, valued at approximately $4,410,000.

Other large investors have also bought and sold shares of the company. Royal Bank of Canada increased its position in shares of Cirrus Logic by 92.3% during the first quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock worth $7,189,000 after acquiring an additional 34,629 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Cirrus Logic by 24.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock valued at $132,000 after purchasing an additional 263 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Cirrus Logic by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock worth $21,372,000 after buying an additional 9,658 shares during the last quarter. Focus Partners Wealth acquired a new position in shares of Cirrus Logic during the 1st quarter worth about $361,000. Finally, Geneos Wealth Management Inc. raised its stake in Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock valued at $47,000 after buying an additional 232 shares during the period. 87.96% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Cirrus Logic Stock Down 0.0%

Shares of NASDAQ CRUS opened at $110.72 on Thursday. The firm has a fifty day simple moving average of $127.25 and a 200 day simple moving average of $145.79. Cirrus Logic, Inc. has a twelve month low of $106.26 and a twelve month high of $180.42. The company has a market capitalization of $5.55 billion, a PE ratio of 13.55 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, beating 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 company had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. During the same quarter in the prior year, the company earned $1.51 EPS. The firm’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, equities 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 news, EVP Jeffrey Baumgartner sold 1,458 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $145.97, for a total value of $212,824.26. Following the completion of the sale, the executive vice president directly owned 16,405 shares in the company, valued at $2,394,637.85. This trade represents a 8.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the firm’s 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 sale, 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 position. 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 have sold a total of 11,424 shares of company stock worth $1,644,091 in the last three months. Insiders own 1.20% of the company’s stock.

Cirrus Logic 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.