AlphaQuest LLC Sells 7,453 Shares of Cirrus Logic, Inc. $CRUS

AlphaQuest LLC cut its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 89.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 914 shares of the semiconductor company’s stock after selling 7,453 shares during the quarter. AlphaQuest LLC’s holdings in Cirrus Logic were worth $115,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of CRUS. Royal Bank of Canada grew its holdings in Cirrus Logic by 92.3% in the first quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock worth $7,189,000 after purchasing an additional 34,629 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Cirrus Logic by 24.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock worth $132,000 after acquiring an additional 263 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cirrus Logic by 4.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock worth $21,372,000 after purchasing an additional 9,658 shares during the last quarter. Focus Partners Wealth bought a new position in Cirrus Logic in the 1st quarter valued at $361,000. Finally, Geneos Wealth Management Inc. raised its stake in shares of Cirrus Logic by 95.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 232 shares during the period. Institutional investors own 87.96% of the company’s stock.

Insider Buying and Selling at Cirrus Logic

In related news, CEO John Forsyth sold 21,806 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $135.15, for a total transaction of $2,947,080.90. Following the transaction, the chief executive officer owned 50,723 shares in the company, valued at $6,855,213.45. The trade was a 30.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Justin E. Dougherty sold 3,000 shares of the firm’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $143.16, for a total value of $429,480.00. Following the completion of the sale, the executive vice president directly owned 5,876 shares of the company’s stock, valued at $841,208.16. The trade was a 33.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 28,045 shares of company stock worth $3,835,300. 1.16% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on CRUS. Stifel Nicolaus raised their target price on Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Wall Street Zen cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Benchmark lifted their price objective on Cirrus Logic from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, February 4th. Barclays boosted their price objective on Cirrus Logic from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 4th. Finally, Zacks Research upgraded shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $145.43.

Cirrus Logic Stock Performance

Shares of CRUS opened at $144.63 on Friday. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $146.88. The firm has a 50 day moving average price of $126.42 and a 200-day moving average price of $121.52. The firm has a market cap of $7.38 billion, a price-to-earnings ratio of 19.06 and a beta of 1.12.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.37 by $0.60. Cirrus Logic had a net margin of 20.47% and a return on equity of 20.41%. The business had revenue of $580.62 million during the quarter, compared to the consensus estimate of $531.43 million. During the same period in the previous year, the firm posted $2.51 earnings per share. The firm’s revenue for the quarter was up 4.5% on a year-over-year basis. As a group, equities research analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

About Cirrus Logic

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.