Jupiter Asset Management Ltd. Decreases Stock Position in Cirrus Logic, Inc. $CRUS

Jupiter Asset Management Ltd. trimmed its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 69.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 142,590 shares of the semiconductor company’s stock after selling 317,990 shares during the period. Jupiter Asset Management Ltd.’s holdings in Cirrus Logic were worth $17,865,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. Hantz Financial Services Inc. grew its position in shares of Cirrus Logic by 1,660.0% during the second quarter. Hantz Financial Services Inc. now owns 264 shares of the semiconductor company’s stock worth $28,000 after buying an additional 249 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Cirrus Logic in the second quarter valued at approximately $39,000. Abich Financial Wealth Management LLC purchased a new position in Cirrus Logic in the third quarter worth approximately $46,000. Geneos Wealth Management Inc. grew its holdings in Cirrus Logic by 95.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after acquiring an additional 232 shares in the last quarter. Finally, Rothschild Investment LLC purchased a new stake in shares of Cirrus Logic in the 3rd quarter valued at approximately $48,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $142.14 on Friday. The stock has a 50-day simple moving average of $128.31 and a 200-day simple moving average of $122.91. The company has a market capitalization of $7.25 billion, a P/E ratio of 18.73 and a beta of 1.12. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $146.88.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share for the quarter, beating analysts’ consensus estimates of $2.37 by $0.60. The company had revenue of $580.62 million during the quarter, compared to analysts’ expectations of $531.43 million. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.51 earnings per share. As a group, analysts forecast that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Zacks Research raised shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 27th. Loop Capital downgraded Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price target for the company. in a report on Monday, February 2nd. KeyCorp upped their price objective on Cirrus Logic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. Benchmark raised their target price on Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Finally, Barclays upped their price target on Cirrus Logic from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Cirrus Logic currently has a consensus rating of “Moderate Buy” and an average target price of $145.43.

Insider Activity at Cirrus Logic

In other news, EVP Scott Thomas sold 3,239 shares of the company’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $141.63, for a total value of $458,739.57. Following the completion of the sale, the executive vice president directly owned 30,393 shares of the company’s stock, valued at approximately $4,304,560.59. This represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John Forsyth sold 21,806 shares of the stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total transaction of $2,947,080.90. Following the sale, the chief executive officer owned 50,723 shares of the company’s stock, valued at $6,855,213.45. This trade represents a 30.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 28,045 shares of company stock worth $3,835,300 in the last 90 days. 1.16% of the stock is owned by insiders.

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.