Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Sold by American Century Companies Inc.

American Century Companies Inc. cut its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 35.3% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 34,328 shares of the semiconductor company’s stock after selling 18,694 shares during the period. American Century Companies Inc. owned about 0.06% of Cirrus Logic worth $4,382,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Arkadios Wealth Advisors raised its position in shares of Cirrus Logic by 2.8% during the 2nd quarter. Arkadios Wealth Advisors now owns 4,413 shares of the semiconductor company’s stock worth $563,000 after purchasing an additional 119 shares during the last quarter. Signaturefd LLC lifted its position in shares of Cirrus Logic by 19.5% in the second quarter. Signaturefd LLC now owns 999 shares of the semiconductor company’s stock valued at $128,000 after acquiring an additional 163 shares in the last quarter. Heron Bay Capital Management boosted its stake in shares of Cirrus Logic by 1.6% in the first quarter. Heron Bay Capital Management now owns 10,672 shares of the semiconductor company’s stock worth $988,000 after acquiring an additional 169 shares during the last quarter. Atlas Capital Advisors LLC increased its position in shares of Cirrus Logic by 103.0% during the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 204 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in Cirrus Logic by 79.5% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock valued at $61,000 after purchasing an additional 210 shares during the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $119.79 on Thursday. The firm has a 50 day simple moving average of $132.82 and a 200-day simple moving average of $116.03. The stock has a market cap of $6.40 billion, a price-to-earnings ratio of 24.30 and a beta of 0.97. Cirrus Logic, Inc. has a 1-year low of $65.02 and a 1-year high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.50. The company had revenue of $374.03 million during the quarter, compared to analyst estimates of $318.41 million. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The firm’s revenue for the quarter was up 18.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.35 earnings per share. Equities analysts expect that Cirrus Logic, Inc. will post 5.26 earnings per share for the current fiscal year.

Insider Transactions at Cirrus Logic

In related news, VP Andrew Brannan sold 4,350 shares of the firm’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total transaction of $591,774.00. Following the completion of the sale, the vice president now directly owns 4,004 shares of the company’s stock, valued at approximately $544,704.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Justin E. Dougherty sold 10,203 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $131.71, for a total value of $1,343,837.13. Following the transaction, the senior vice president now directly owns 4,838 shares in the company, valued at approximately $637,212.98. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total transaction of $591,774.00. Following the completion of the sale, the vice president now owns 4,004 shares of the company’s stock, valued at approximately $544,704.16. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on CRUS. Stifel Nicolaus lifted their target price on shares of Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Barclays upped their price objective on shares of Cirrus Logic from $110.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. StockNews.com lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 15th. Susquehanna upped their price target on Cirrus Logic from $120.00 to $175.00 and gave the company a “positive” rating in a research report on Wednesday, July 17th. Finally, KeyCorp increased their price target on Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $143.33.

Cirrus Logic 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 amplifiers; 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 integrated digital signal processing; 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 for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.