Pacer Advisors Inc. Raises Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Pacer Advisors Inc. increased its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 8,183.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 665,320 shares of the semiconductor company’s stock after acquiring an additional 657,288 shares during the period. Pacer Advisors Inc. owned approximately 1.24% of Cirrus Logic worth $84,935,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in CRUS. Norges Bank purchased a new position in Cirrus Logic in the fourth quarter worth approximately $51,890,000. Balyasny Asset Management L.P. lifted its stake in Cirrus Logic by 307.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock worth $58,777,000 after purchasing an additional 533,019 shares in the last quarter. LSV Asset Management lifted its stake in Cirrus Logic by 34.6% during the second quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock worth $241,340,000 after purchasing an additional 486,086 shares in the last quarter. Kodai Capital Management LP acquired a new position in Cirrus Logic during the fourth quarter worth $27,072,000. Finally, Acadian Asset Management LLC lifted its stake in Cirrus Logic by 68.6% during the first quarter. Acadian Asset Management LLC now owns 460,681 shares of the semiconductor company’s stock worth $42,619,000 after purchasing an additional 187,438 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $123.11 on Friday. The stock’s fifty day moving average is $133.91 and its two-hundred day moving average is $115.41. The stock has a market cap of $6.58 billion, a PE ratio of 24.97 and a beta of 0.97. Cirrus Logic, Inc. has a 1-year low of $65.02 and a 1-year high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.50. The company 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 business’s quarterly revenue was up 18.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.35 earnings per share. On average, research analysts expect that Cirrus Logic, Inc. will post 5.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Cirrus Logic news, SVP Justin E. Dougherty sold 10,203 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president now owns 4,838 shares of the company’s stock, valued at $637,212.98. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, VP Andrew Brannan sold 4,350 shares of the firm’s 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 transaction, 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 SEC, which is accessible through this link. Also, SVP Justin E. Dougherty sold 10,203 shares of the firm’s stock in a transaction dated 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 directly owns 4,838 shares in the company, valued at approximately $637,212.98. The disclosure for this sale can be found here. Corporate insiders own 1.02% of the company’s stock.

Cirrus Logic 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.