Summit Partners Public Asset Management LLC Sells 120,500 Shares of Cirrus Logic, Inc. $CRUS

Summit Partners Public Asset Management LLC lowered its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 87.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,000 shares of the semiconductor company’s stock after selling 120,500 shares during the period. Summit Partners Public Asset Management LLC’s holdings in Cirrus Logic were worth $2,133,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Royal Bank of Canada raised its stake in shares of Cirrus Logic by 37.0% in the fourth quarter. Royal Bank of Canada now owns 62,273 shares of the semiconductor company’s stock valued at $7,379,000 after acquiring an additional 16,809 shares during the last quarter. Graham Capital Management L.P. raised its stake in shares of Cirrus Logic by 14.3% in the fourth quarter. Graham Capital Management L.P. now owns 1,892 shares of the semiconductor company’s stock valued at $224,000 after acquiring an additional 236 shares during the last quarter. Magnetar Financial LLC bought a new position in shares of Cirrus Logic in the fourth quarter valued at approximately $1,654,000. Vanguard Personalized Indexing Management LLC raised its stake in shares of Cirrus Logic by 5.0% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 9,079 shares of the semiconductor company’s stock valued at $1,076,000 after acquiring an additional 435 shares during the last quarter. Finally, Verition Fund Management LLC raised its stake in shares of Cirrus Logic by 24.1% in the fourth quarter. Verition Fund Management LLC now owns 42,697 shares of the semiconductor company’s stock valued at $5,060,000 after acquiring an additional 8,289 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

Cirrus Logic Stock Down 3.1%

Cirrus Logic stock opened at $160.76 on Wednesday. The business’s 50-day simple moving average is $165.89 and its 200 day simple moving average is $143.45. The stock has a market cap of $8.11 billion, a price-to-earnings ratio of 20.51 and a beta of 1.15. Cirrus Logic, Inc. has a 12-month low of $92.02 and a 12-month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, topping analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.26 million. During the same quarter in the previous year, the business earned $1.67 EPS. The business’s quarterly revenue was up 5.7% compared to the same quarter last year. As a group, sell-side analysts expect that Cirrus Logic, Inc. will post 8.05 EPS for the current year.

Insider Activity

In other Cirrus Logic news, EVP Justin E. Dougherty sold 2,000 shares of Cirrus Logic stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total transaction of $333,000.00. Following the completion of the sale, the executive vice president owned 4,537 shares of the company’s stock, valued at approximately $755,410.50. The trade was a 30.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John Forsyth sold 5,000 shares of Cirrus Logic stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.41, for a total transaction of $852,050.00. Following the sale, the chief executive officer directly owned 70,016 shares of the company’s stock, valued at $11,931,426.56. This represents a 6.67% 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. In the last ninety days, insiders have sold 23,149 shares of company stock worth $3,828,401. Corporate insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CRUS. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a report on Thursday, May 7th. Barclays upped their price objective on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, KeyCorp raised their price target on Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $161.71.

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.