Cim Investment Management Inc. Reduces Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Cim Investment Management Inc. cut its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 19.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,895 shares of the semiconductor company’s stock after selling 692 shares during the quarter. Cim Investment Management Inc.’s holdings in Cirrus Logic were worth $370,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of CRUS. Profund Advisors LLC raised its stake in Cirrus Logic by 2.0% during the second quarter. Profund Advisors LLC now owns 5,271 shares of the semiconductor company’s stock worth $673,000 after purchasing an additional 103 shares during the period. Arkadios Wealth Advisors increased its holdings 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 buying an additional 119 shares during the last quarter. Oak Associates Ltd. OH raised its position in shares of Cirrus Logic by 0.4% during the 2nd quarter. Oak Associates Ltd. OH now owns 34,176 shares of the semiconductor company’s stock valued at $4,363,000 after buying an additional 134 shares during the period. Holderness Investments Co. lifted its holdings in Cirrus Logic by 0.3% in the second quarter. Holderness Investments Co. now owns 47,366 shares of the semiconductor company’s stock valued at $6,047,000 after acquiring an additional 155 shares during the last quarter. Finally, Signaturefd LLC grew its position in Cirrus Logic by 19.5% in the second quarter. Signaturefd LLC now owns 999 shares of the semiconductor company’s stock worth $128,000 after acquiring an additional 163 shares during the period. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Activity

In other Cirrus Logic news, SVP Justin E. Dougherty sold 10,203 shares of the business’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 transaction of $1,343,837.13. Following the completion of the transaction, the senior vice president now owns 4,838 shares in the company, valued at approximately $637,212.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Cirrus Logic news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Justin E. Dougherty sold 10,203 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was 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 of the company’s stock, valued at $637,212.98. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

Cirrus Logic Stock Down 0.3 %

Shares of CRUS opened at $121.60 on Friday. Cirrus Logic, Inc. has a fifty-two week low of $65.02 and a fifty-two week high of $147.46. The company has a market cap of $6.49 billion, a P/E ratio of 24.67 and a beta of 0.97. The firm’s 50 day moving average price is $132.22 and its 200 day moving average price is $116.27.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.50. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The business had revenue of $374.03 million for the quarter, compared to analysts’ expectations of $318.41 million. During the same period last year, the firm earned $0.35 earnings per share. The company’s revenue for the quarter was up 18.0% compared to the same quarter last year. Research analysts forecast that Cirrus Logic, Inc. will post 5.26 earnings per share 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 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.