Raymond James & Associates Has $1.37 Million Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Raymond James & Associates trimmed its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 38.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,945 shares of the semiconductor company’s stock after selling 10,492 shares during the period. Raymond James & Associates’ holdings in Cirrus Logic were worth $1,373,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CRUS. Covington Capital Management lifted its holdings in Cirrus Logic by 100.0% in the third quarter. Covington Capital Management now owns 400 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 200 shares during the period. Altshuler Shaham Ltd acquired a new position in Cirrus Logic in the first quarter valued at approximately $32,000. Ameritas Advisory Services LLC acquired a new position in Cirrus Logic in the first quarter valued at approximately $35,000. Harvest Fund Management Co. Ltd acquired a new position in Cirrus Logic in the first quarter valued at approximately $57,000. Finally, Itau Unibanco Holding S.A. acquired a new position in Cirrus Logic in the first quarter valued at approximately $76,000. 90.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cirrus Logic

In other news, VP Andrew Brannan sold 950 shares of Cirrus Logic stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $80.00, for a total value of $76,000.00. Following the completion of the transaction, the vice president now owns 6,555 shares of the company’s stock, valued at approximately $524,400. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.89% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CRUS. Susquehanna cut their price objective on shares of Cirrus Logic from $95.00 to $80.00 and set a “positive” rating on the stock in a report on Tuesday, October 24th. KeyCorp reiterated an “overweight” rating and issued a $110.00 target price on shares of Cirrus Logic in a report on Thursday, September 14th. Loop Capital upgraded shares of Cirrus Logic from a “hold” rating to a “buy” rating and increased their target price for the stock from $83.00 to $100.00 in a report on Wednesday. Bank of America increased their target price on shares of Cirrus Logic from $75.00 to $80.00 in a report on Friday, August 4th. Finally, StockNews.com lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cirrus Logic currently has an average rating of “Moderate Buy” and an average price target of $99.50.

Cirrus Logic Trading Up 3.6 %

Cirrus Logic stock opened at $70.37 on Friday. The company has a market cap of $3.85 billion, a P/E ratio of 26.45, a price-to-earnings-growth ratio of 10.45 and a beta of 0.98. Cirrus Logic, Inc. has a 1-year low of $65.02 and a 1-year high of $111.15. The company has a fifty day simple moving average of $72.68 and a 200 day simple moving average of $77.42.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Thursday, August 3rd. The semiconductor company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.23. The business had revenue of $317.02 million during the quarter, compared to the consensus estimate of $290.58 million. Cirrus Logic had a net margin of 8.38% and a return on equity of 16.18%. On average, equities research analysts forecast that Cirrus Logic, Inc. will post 4.03 EPS for the current year.

Cirrus Logic Company Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power, high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio 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 processing; boosted amplifiers; standalone 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, and hearing augmentation.