California Public Employees Retirement System Grows Stock Position in Cirrus Logic, Inc. $CRUS

California Public Employees Retirement System grew its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 7.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,804 shares of the semiconductor company’s stock after buying an additional 7,251 shares during the period. California Public Employees Retirement System owned 0.20% of Cirrus Logic worth $15,012,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Gallacher Capital Management LLC bought a new position in shares of Cirrus Logic during the 1st quarter worth $339,000. Allspring Global Investments Holdings LLC boosted its position in Cirrus Logic by 12.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 67,608 shares of the semiconductor company’s stock worth $9,947,000 after purchasing an additional 7,448 shares during the period. Twin Capital Management Inc. purchased a new position in shares of Cirrus Logic in the first quarter worth about $1,320,000. Bank of New York Mellon Corp increased its stake in shares of Cirrus Logic by 14.7% in the first quarter. Bank of New York Mellon Corp now owns 402,604 shares of the semiconductor company’s stock worth $58,225,000 after purchasing an additional 51,742 shares in the last quarter. Finally, Illinois Municipal Retirement Fund raised its position in shares of Cirrus Logic by 19.0% in the first quarter. Illinois Municipal Retirement Fund now owns 39,136 shares of the semiconductor company’s stock valued at $5,660,000 after purchasing an additional 6,243 shares during the period. Institutional investors own 87.96% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CRUS. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Barclays raised their price target on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a report on Thursday, May 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, KeyCorp cut their target price on Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating for the company in a research note on Tuesday, July 14th. Five analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $160.29.

Cirrus Logic Price Performance

NASDAQ CRUS opened at $133.53 on Friday. The company’s 50 day simple moving average is $156.93 and its two-hundred day simple moving average is $148.50. Cirrus Logic, Inc. has a 1 year low of $92.02 and a 1 year high of $180.42. The stock has a market capitalization of $6.74 billion, a PE ratio of 17.03 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. The firm had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.25 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.67 EPS. On average, research analysts anticipate that Cirrus Logic, Inc. will post 7.86 EPS for the current year.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 1,458 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $145.97, for a total value of $212,824.26. Following the sale, the executive vice president owned 16,405 shares of the company’s stock, valued at $2,394,637.85. This trade represents a 8.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of Cirrus Logic stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $166.50, for a total value of $333,000.00. Following the sale, the executive vice president owned 4,537 shares of the company’s stock, valued at approximately $755,410.50. This trade represents a 30.60% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 22,299 shares of company stock valued at $3,581,647 in the last ninety days. 1.20% of the stock is currently owned by corporate insiders.

Cirrus Logic Profile

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.