Russell Investments Group Ltd. cut its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS – Get Rating) by 20.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 185,348 shares of the semiconductor company’s stock after selling 47,100 shares during the period. Russell Investments Group Ltd. owned about 0.32% of Cirrus Logic worth $15,712,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC bought a new position in shares of Cirrus Logic in the 4th quarter valued at $240,000. Allspring Global Investments Holdings LLC bought a new position in shares of Cirrus Logic in the 4th quarter valued at $9,570,000. Yousif Capital Management LLC bought a new position in shares of Cirrus Logic in the 4th quarter valued at $2,720,000. CWM LLC bought a new position in shares of Cirrus Logic in the 4th quarter valued at $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Cirrus Logic by 21.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,952 shares of the semiconductor company’s stock valued at $824,000 after acquiring an additional 1,571 shares during the last quarter. 86.74% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on CRUS. Benchmark dropped their price target on Cirrus Logic from $100.00 to $95.00 in a research note on Wednesday, May 4th. Needham & Company LLC raised their target price on Cirrus Logic from $85.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday. Cowen raised their target price on Cirrus Logic from $90.00 to $100.00 in a research report on Wednesday. Barclays lowered their target price on Cirrus Logic from $120.00 to $105.00 and set an “overweight” rating for the company in a research report on Monday, July 25th. Finally, Cowen raised their target price on Cirrus Logic from $90.00 to $100.00 in a research report on Wednesday. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Cirrus Logic presently has an average rating of “Moderate Buy” and an average price target of $102.60.
Cirrus Logic Trading Down 0.8 %
Cirrus Logic (NASDAQ:CRUS – Get Rating) last issued its earnings results on Tuesday, May 3rd. The semiconductor company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.18 by $0.60. The company had revenue of $498.97 million during the quarter, compared to the consensus estimate of $420.19 million. Cirrus Logic had a return on equity of 24.68% and a net margin of 18.38%. The firm’s revenue for the quarter was up 70.0% compared to the same quarter last year. During the same period last year, the business posted $0.47 EPS. Equities research analysts forecast that Cirrus Logic, Inc. will post 4.63 EPS for the current fiscal year.
In other news, VP Justin E. Dougherty sold 4,039 shares of the firm’s stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $80.94, for a total value of $326,916.66. Following the completion of the sale, the vice president now directly owns 5,673 shares in the company, valued at approximately $459,172.62. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.89% of the stock is currently owned by company insiders.
About Cirrus Logic
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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