4,690 Cirrus Logic, Inc. $CRUS Shares Sold by Virtus Advisers LLC

Virtus Advisers LLC reduced its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 25.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,535 shares of the semiconductor company’s stock after selling 4,690 shares during the period. Cirrus Logic comprises 0.6% of Virtus Advisers LLC’s investment portfolio, making the stock its 29th largest holding. Virtus Advisers LLC’s holdings in Cirrus Logic were worth $1,624,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Cirrus Logic in the second quarter worth $840,638,000. Dimensional Fund Advisors LP raised its stake in shares of 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 valued at $192,055,000 after acquiring an additional 83,897 shares in the last quarter. Bank of America Corp DE purchased a new position in Cirrus Logic in the second quarter valued at $168,329,000. Quantinno Capital Management LP boosted its holdings in Cirrus Logic by 21.1% in the first quarter. Quantinno Capital Management LP now owns 942,207 shares of the semiconductor company’s stock valued at $136,262,000 after purchasing an additional 163,979 shares during the period. Finally, First Trust Advisors LP grew its stake in Cirrus Logic by 34.3% during the 1st quarter. First Trust Advisors LP now owns 473,721 shares of the semiconductor company’s stock worth $68,509,000 after purchasing an additional 120,935 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 brokerages have weighed in on CRUS. Weiss Ratings downgraded Cirrus Logic from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, November 3rd. Zacks Research lowered Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Wall Street Zen cut Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Sunday, October 18th. Barclays downgraded Cirrus Logic from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $130.00 to $95.00 in a research report on Tuesday, October 20th. Finally, 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. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Cirrus Logic has an average rating of “Hold” and a consensus target price of $147.50.

Insider Activity

In other news, EVP Jeffrey Baumgartner sold 1,166 shares of the stock in a transaction dated Tuesday, October 20th. The stock was sold at an average price of $107.75, for a total value of $125,636.50. Following the transaction, the executive vice president owned 11,741 shares in the company, valued at approximately $1,265,092.75. This represents a 9.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 3,498 shares of company stock worth $401,850. Corporate insiders own 1.20% of the company’s stock.

Cirrus Logic Price Performance

Shares of Cirrus Logic stock traded down $1.52 during trading on Friday, hitting $120.19. 537,256 shares of the stock were exchanged, compared to its average volume of 796,471. The firm’s 50-day moving average price is $115.22 and its 200 day moving average price is $137.95. The stock has a market cap of $5.99 billion, a price-to-earnings ratio of 15.18 and a beta of 1.23. Cirrus Logic, Inc. has a 12-month low of $105.10 and a 12-month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, November 4th. The semiconductor company reported $2.70 EPS for the quarter, beating the consensus estimate of $2.42 by $0.28. Cirrus Logic had a return on equity of 19.77% and a net margin of 20.20%. The firm had revenue of $559.46 million for the quarter, compared to analyst estimates of $540.37 million. During the same quarter in the prior year, the company posted $2.83 earnings per share. Cirrus Logic’s revenue for the quarter was down .2% compared to the same quarter last year. As a group, research analysts forecast that Cirrus Logic, Inc. will post 6.90 earnings per share for the current year.

About Cirrus Logic

Cirrus Logic is a fabless semiconductor company that designs high-performance, low-power integrated circuits, with a focus on audio and mixed-signal technologies. Its products include audio converters and codecs, amplifiers, and other components used to capture, process, and reproduce sound. The company also develops mixed-signal products for applications such as haptics and power management. Its chips are designed for a range of markets, including smartphones, computers, consumer audio equipment, automotive systems, and industrial devices.