Raymond James & Associates trimmed its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS – Free Report) 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
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 – Get Free Report) 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.
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