Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Purchased by Holderness Investments Co.

Holderness Investments Co. boosted its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 0.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 47,366 shares of the semiconductor company’s stock after buying an additional 155 shares during the quarter. Cirrus Logic accounts for approximately 1.4% of Holderness Investments Co.’s portfolio, making the stock its 10th largest holding. Holderness Investments Co. owned 0.09% of Cirrus Logic worth $6,047,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in CRUS. ProShare Advisors LLC grew its holdings in shares of Cirrus Logic by 5.0% in the 2nd quarter. ProShare Advisors LLC now owns 10,901 shares of the semiconductor company’s stock worth $1,392,000 after acquiring an additional 519 shares during the period. Profund Advisors LLC grew its holdings in Cirrus Logic by 2.0% in the second quarter. Profund Advisors LLC now owns 5,271 shares of the semiconductor company’s stock valued at $673,000 after purchasing an additional 103 shares during the last quarter. Ensign Peak Advisors Inc increased its position in shares of Cirrus Logic by 37.0% in the second quarter. Ensign Peak Advisors Inc now owns 25,729 shares of the semiconductor company’s stock valued at $3,285,000 after buying an additional 6,950 shares in the last quarter. Sei Investments Co. increased its position in shares of Cirrus Logic by 8.6% in the second quarter. Sei Investments Co. now owns 756,585 shares of the semiconductor company’s stock valued at $96,587,000 after buying an additional 59,690 shares in the last quarter. Finally, Pacer Advisors Inc. raised its stake in shares of Cirrus Logic by 8,183.4% during the 2nd quarter. Pacer Advisors Inc. now owns 665,320 shares of the semiconductor company’s stock worth $84,935,000 after buying an additional 657,288 shares during the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Stock Down 1.6 %

Shares of Cirrus Logic stock opened at $123.11 on Friday. Cirrus Logic, Inc. has a fifty-two week low of $65.02 and a fifty-two week high of $147.46. The business’s fifty day moving average is $133.91 and its two-hundred day moving average is $115.41. The firm has a market cap of $6.58 billion, a PE ratio of 24.97 and a beta of 0.97.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.50. The firm had revenue of $374.03 million for the quarter, compared to analyst estimates of $318.41 million. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The firm’s quarterly revenue was up 18.0% on a year-over-year basis. During the same period last year, the company earned $0.35 EPS. Equities research analysts anticipate that Cirrus Logic, Inc. will post 5.35 EPS for the current year.

Insider Buying and Selling

In related news, VP Andrew Brannan sold 4,350 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total transaction of $591,774.00. Following the completion of the transaction, the vice president now owns 4,004 shares of the company’s stock, valued at $544,704.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic stock in a transaction on 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 owns 4,838 shares in the company, valued at $637,212.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Andrew Brannan sold 4,350 shares of the company’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total value of $591,774.00. Following the sale, 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.

Analyst Upgrades and Downgrades

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

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.