NewEdge Wealth LLC Invests $2.41 Million in Cirrus Logic, Inc. $CRUS

NewEdge Wealth LLC bought a new position in Cirrus Logic, Inc. (NASDAQ:CRUS) during the 2nd quarter, HoldingsChannel reports. The fund bought 16,211 shares of the semiconductor company’s stock, valued at approximately $2,408,000.

Several other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Cirrus Logic during the second quarter worth about $840,638,000. LSV Asset Management increased its position in shares of Cirrus Logic by 1.0% during the fourth quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock valued at $279,215,000 after buying an additional 23,703 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in shares of Cirrus Logic by 0.7% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company’s stock valued at $187,059,000 after buying an additional 11,307 shares during the period. Dimensional Fund Advisors LP raised its stake in Cirrus Logic by 6.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company’s stock worth $192,055,000 after buying an additional 83,897 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake in Cirrus Logic by 33.5% in the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock worth $127,224,000 after buying an additional 269,391 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on CRUS shares. Barclays cut their price objective on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 6th. Zacks Research lowered Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Stifel Nicolaus dropped their price target 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, KeyCorp reduced 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. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $150.71.

Cirrus Logic Stock Down 1.0%

Shares of CRUS opened at $116.90 on Friday. The stock has a market cap of $5.86 billion, a P/E ratio of 14.31 and a beta of 1.18. The business’s 50 day moving average price is $140.12 and its 200-day moving average price is $148.58. Cirrus Logic, Inc. has a 52 week low of $109.88 and a 52 week high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last posted 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 company had revenue of $459.72 million during the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the company earned $1.51 EPS. On average, equities analysts anticipate that Cirrus Logic, Inc. will post 7.47 EPS for the current year.

Insider Transactions at Cirrus Logic

In other news, EVP Jeffrey W. Baumgartner sold 1,166 shares of the stock in a transaction on Monday, July 20th. The stock was sold at an average price of $138.57, for a total value of $161,572.62. Following the sale, the executive vice president directly owned 15,239 shares of the company’s stock, valued at approximately $2,111,668.23. This represents a 7.11% 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 Scott Thomas sold 1,300 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total value of $234,052.00. Following the transaction, the executive vice president owned 31,048 shares of the company’s stock, valued at $5,589,881.92. The trade was a 4.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 15,465 shares of company stock valued at $2,399,169. Insiders own 1.20% of the company’s stock.

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.