Jupiter Topco LLC Acquires Shares of 23,206 Cirrus Logic, Inc. $CRUS

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

Several other institutional investors and hedge funds have also made changes to their positions in CRUS. Caitong International Asset Management Co. Ltd increased its stake in Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after buying an additional 220 shares during the period. Geneos Wealth Management Inc. lifted its holdings in Cirrus Logic by 120.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after buying an additional 120 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in Cirrus Logic in the 4th quarter valued at about $36,000. Elevation Wealth Partners LLC boosted its position in Cirrus Logic by 72.5% in the 2nd quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company’s stock valued at $44,000 after buying an additional 124 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its stake in shares of Cirrus Logic by 29.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 88 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRUS. Wall Street Zen lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Zacks Research lowered Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Stifel Nicolaus lowered their price objective on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Finally, Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $150.71.

Insider Buying and Selling

In other news, EVP Jeffrey W. Baumgartner sold 1,458 shares of Cirrus Logic stock in a transaction that occurred on 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 transaction, the executive vice president owned 16,405 shares in the company, valued at approximately $2,394,637.85. This trade represents a 8.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the business’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 owned 7,203 shares of the company’s stock, valued at $1,042,346.13. This trade represents a 47.30% decrease in their ownership of the stock. 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 11,424 shares of company stock worth $1,644,091. 1.20% of the stock is currently owned by company insiders.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock opened at $109.07 on Wednesday. Cirrus Logic, Inc. has a 1 year low of $106.26 and a 1 year high of $180.42. The firm’s 50-day simple moving average is $131.76 and its 200-day simple moving average is $147.11. The firm has a market cap of $5.47 billion, a PE ratio of 13.35 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, topping analysts’ consensus estimates of $1.81 by $0.03. The business had revenue of $459.72 million during the quarter, compared to the consensus estimate of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. During the same period last year, the firm earned $1.51 earnings per share. On average, equities analysts predict that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

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.