JPMorgan Chase & Co. Reduces Stock Holdings in Cirrus Logic, Inc. $CRUS

JPMorgan Chase & Co. lowered its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 288,287 shares of the semiconductor company’s stock after selling 8,412 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.56% of Cirrus Logic worth $36,119,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Cirrus Logic during the 2nd quarter worth $39,000. Abich Financial Wealth Management LLC acquired a new position in Cirrus Logic in the third quarter valued at $46,000. Geneos Wealth Management Inc. grew its holdings in shares of Cirrus Logic by 95.1% during the first 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 last quarter. Rothschild Investment LLC purchased a new position in shares of Cirrus Logic during the third quarter worth about $48,000. Finally, SJS Investment Consulting Inc. increased its position in shares of Cirrus Logic by 2,406.3% during the third quarter. SJS Investment Consulting Inc. now owns 401 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 385 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analyst Upgrades and Downgrades

CRUS has been the subject of a number of research analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Monday, December 29th. Stifel Nicolaus lifted their price target on Cirrus Logic from $150.00 to $163.00 and gave the stock a “buy” rating in a research report on Wednesday, February 4th. Loop Capital cut Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price objective for the company. in a research note on Monday, February 2nd. Benchmark increased their price objective on Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, February 4th. Finally, Barclays raised their target price on shares of Cirrus Logic from $110.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Cirrus Logic has an average rating of “Moderate Buy” and a consensus price target of $146.86.

Cirrus Logic Stock Performance

Shares of CRUS opened at $136.07 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 simple moving average of $135.04 and a 200-day simple moving average of $126.70. The company has a market capitalization of $6.94 billion, a price-to-earnings ratio of 17.93 and a beta of 1.12.

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

Insider Activity

In related news, EVP Justin E. Dougherty sold 3,000 shares of Cirrus Logic stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $143.16, for a total value of $429,480.00. Following the transaction, the executive vice president directly owned 5,876 shares in the company, valued at $841,208.16. This trade represents a 33.80% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Thomas sold 3,239 shares of the business’s stock in a transaction on Friday, February 13th. The shares were sold at an average price of $141.63, for a total transaction of $458,739.57. Following the completion of the transaction, the executive vice president directly owned 30,393 shares in the company, valued at $4,304,560.59. This represents a 9.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 28,045 shares of company stock valued at $3,835,300. Company insiders own 1.16% of the company’s stock.

Cirrus Logic Company 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.