Comerica Bank Has $2.06 Million Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Comerica Bank decreased its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUSGet Rating) by 5.5% in the first quarter, Holdings Channel.com reports. The firm owned 26,167 shares of the semiconductor company’s stock after selling 1,535 shares during the period. Comerica Bank’s holdings in Cirrus Logic were worth $2,055,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Shaker Investments LLC OH boosted its position in Cirrus Logic by 66.3% during the first quarter. Shaker Investments LLC OH now owns 5,728 shares of the semiconductor company’s stock valued at $486,000 after purchasing an additional 2,283 shares during the last quarter. Meritage Portfolio Management lifted its position in shares of Cirrus Logic by 8.9% in the first quarter. Meritage Portfolio Management now owns 2,836 shares of the semiconductor company’s stock worth $240,000 after buying an additional 232 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Cirrus Logic by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 15,000 shares of the semiconductor company’s stock worth $1,178,000 after buying an additional 300 shares during the last quarter. Strs Ohio acquired a new position in shares of Cirrus Logic during the 1st quarter worth about $1,909,000. Finally, Inspire Investing LLC acquired a new position in shares of Cirrus Logic during the 1st quarter worth about $285,000. Institutional investors and hedge funds own 86.74% of the company’s stock.

Insider Transactions at Cirrus Logic

In other news, Director Alexander M. Davern sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, May 6th. The stock was sold at an average price of $79.99, for a total value of $79,990.00. Following the transaction, the director now directly owns 17,575 shares of the company’s stock, valued at approximately $1,405,824.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cirrus Logic news, VP Justin E. Dougherty sold 4,039 shares of the company’s stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $80.94, for a total transaction of $326,916.66. Following the transaction, the vice president now owns 5,673 shares of the company’s stock, valued at approximately $459,172.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Alexander M. Davern sold 1,000 shares of the company’s stock in a transaction on Friday, May 6th. The stock was sold at an average price of $79.99, for a total value of $79,990.00. Following the transaction, the director now directly owns 17,575 shares in the company, valued at approximately $1,405,824.25. The disclosure for this sale can be found here. 0.89% of the stock is owned by company insiders.

Cirrus Logic Price Performance

Shares of CRUS opened at $79.67 on Friday. The company has a market capitalization of $4.45 billion, a P/E ratio of 14.43, a PEG ratio of 5.40 and a beta of 0.92. Cirrus Logic, Inc. has a one year low of $67.03 and a one year high of $95.84. The business’s 50 day simple moving average is $75.97 and its 200-day simple moving average is $80.57.

Cirrus Logic (NASDAQ:CRUSGet Rating) last announced its earnings results on Tuesday, May 3rd. The semiconductor company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.18 by $0.60. The business had revenue of $498.97 million for the quarter, compared to the consensus estimate of $420.19 million. Cirrus Logic had a return on equity of 23.52% and a net margin of 18.32%. Cirrus Logic’s revenue was up 70.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.47 EPS. On average, sell-side analysts anticipate that Cirrus Logic, Inc. will post 4.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CRUS shares. KeyCorp lowered their price target on Cirrus Logic from $120.00 to $105.00 in a research note on Wednesday, May 4th. Bank of America lowered their price target on Cirrus Logic from $85.00 to $80.00 and set an “underperform” rating on the stock in a research note on Wednesday, June 29th. Benchmark lowered their price target on Cirrus Logic from $100.00 to $95.00 in a research note on Wednesday, May 4th. StockNews.com upgraded Cirrus Logic from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 12th. Finally, Stifel Nicolaus boosted their price target on Cirrus Logic from $112.00 to $120.00 in a research note on Wednesday, May 4th. One research analyst has rated the stock with a sell rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $107.00.

Cirrus Logic Company Profile

(Get Rating)

Cirrus Logic, Inc, a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processer; boosted amplifiers; digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, hearing augmentation, and active noise cancellation.

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Institutional Ownership by Quarter for Cirrus Logic (NASDAQ:CRUS)

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