VIRGINIA RETIREMENT SYSTEMS ET Al Invests $4.41 Million in Cirrus Logic, Inc. $CRUS

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 29,688 shares of the semiconductor company’s stock, valued at approximately $4,410,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.06% of Cirrus Logic at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Caitong International Asset Management Co. Ltd grew 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 purchasing an additional 220 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in shares of Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 120 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Cirrus Logic during the 4th quarter worth approximately $36,000. Coppell Advisory Solutions LLC acquired a new stake in Cirrus Logic in the second quarter valued at $39,000. Finally, Elevation Wealth Partners LLC boosted its stake in shares of Cirrus Logic by 72.5% during the 2nd quarter. Elevation Wealth Partners LLC now owns 295 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 124 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Insider Buying and Selling

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 1,166 shares of the business’s stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $117.89, for a total value of $137,459.74. Following the transaction, the executive vice president owned 14,073 shares of the company’s stock, valued at approximately $1,659,065.97. The trade was a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the sale, the executive vice president directly owned 7,203 shares in the company, valued at approximately $1,042,346.13. This 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. Over the last 90 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 NASDAQ:CRUS opened at $110.72 on Thursday. The stock has a fifty day moving average of $127.25 and a 200-day moving average of $145.79. The company has a market capitalization of $5.55 billion, a PE ratio of 13.55 and a beta of 1.16. Cirrus Logic, Inc. has a one year low of $106.26 and a one year high of $180.42.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. KeyCorp lowered their target price on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Stifel Nicolaus cut their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Zacks Research lowered shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Finally, Barclays decreased their price target on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a report on Thursday, August 6th. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $150.71.

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.