State of New Jersey Common Pension Fund D Cuts Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

State of New Jersey Common Pension Fund D trimmed its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 36.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,302 shares of the semiconductor company’s stock after selling 11,013 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Cirrus Logic were worth $2,464,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Versant Capital Management Inc lifted its position in Cirrus Logic by 1,911.1% during the second quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock valued at $46,000 after acquiring an additional 344 shares during the last quarter. Atlas Capital Advisors LLC lifted its holdings in shares of Cirrus Logic by 103.0% during the 1st quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock valued at $37,000 after purchasing an additional 204 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Cirrus Logic by 79.5% during 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. Quadrant Capital Group LLC boosted its position in shares of Cirrus Logic by 72.3% in the 4th quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company’s stock worth $42,000 after purchasing an additional 214 shares in the last quarter. Finally, 1620 Investment Advisors Inc. purchased a new position in Cirrus Logic during the 2nd quarter worth $77,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Stock Down 0.8 %

Cirrus Logic stock opened at $122.84 on Thursday. Cirrus Logic, Inc. has a 52 week low of $65.02 and a 52 week high of $147.46. The company has a market capitalization of $6.57 billion, a price-to-earnings ratio of 24.92 and a beta of 0.97. The stock has a 50-day moving average price of $134.67 and a 200 day moving average price of $114.88.

Cirrus Logic (NASDAQ:CRUS) last released its earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.50. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The firm had revenue of $374.03 million during the quarter, compared to the consensus estimate of $318.41 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. The company’s revenue was up 18.0% compared to the same quarter last year. Research analysts anticipate that Cirrus Logic, Inc. will post 5.35 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CRUS. StockNews.com cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 15th. KeyCorp raised their price target on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Barclays raised their price target on Cirrus Logic from $110.00 to $140.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Susquehanna raised their price target on Cirrus Logic from $120.00 to $175.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Finally, Stifel Nicolaus raised their price target on Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $143.33.

Insider Buying and Selling

In related 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 owns 4,004 shares of the company’s stock, valued at $544,704.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic stock in a transaction that occurred on Friday, August 9th. The stock was 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 directly owns 4,838 shares in the company, valued at $637,212.98. The sale was disclosed in a document filed with the SEC, which can be accessed 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 value of $591,774.00. Following the transaction, the vice president now owns 4,004 shares of the company’s stock, valued at $544,704.16. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.

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.