Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Sold by Quarry LP

Quarry LP lowered its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 38.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 356 shares of the semiconductor company’s stock after selling 225 shares during the quarter. Quarry LP’s holdings in Cirrus Logic were worth $45,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Profund Advisors LLC raised its holdings in Cirrus Logic by 2.0% during the second quarter. Profund Advisors LLC now owns 5,271 shares of the semiconductor company’s stock worth $673,000 after purchasing an additional 103 shares in the last quarter. Arkadios Wealth Advisors raised its holdings in Cirrus Logic by 2.8% during the second quarter. Arkadios Wealth Advisors now owns 4,413 shares of the semiconductor company’s stock worth $563,000 after purchasing an additional 119 shares in the last quarter. Oak Associates Ltd. OH grew its position in shares of Cirrus Logic by 0.4% during the second quarter. Oak Associates Ltd. OH now owns 34,176 shares of the semiconductor company’s stock worth $4,363,000 after acquiring an additional 134 shares during the last quarter. Holderness Investments Co. grew its position in shares of Cirrus Logic by 0.3% during the second quarter. Holderness Investments Co. now owns 47,366 shares of the semiconductor company’s stock worth $6,047,000 after acquiring an additional 155 shares during the last quarter. Finally, Signaturefd LLC grew its position in shares of Cirrus Logic by 19.5% during the second quarter. Signaturefd LLC now owns 999 shares of the semiconductor company’s stock worth $128,000 after acquiring an additional 163 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Stock Up 0.6 %

NASDAQ:CRUS opened at $119.61 on Friday. The company has a market capitalization of $6.39 billion, a PE ratio of 24.26 and a beta of 0.96. Cirrus Logic, Inc. has a 52-week low of $65.02 and a 52-week high of $147.46. The stock has a fifty day simple moving average of $131.03 and a 200-day simple moving average of $117.31.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.50. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. 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 EPS. The firm’s revenue for the quarter was up 18.0% on a year-over-year basis. As a group, equities analysts anticipate that Cirrus Logic, Inc. will post 5.26 earnings per share for the current year.

Insider Activity at Cirrus Logic

In related news, SVP Justin E. Dougherty sold 10,203 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $131.71, for a total value of $1,343,837.13. Following the completion of the transaction, the senior vice president now owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, VP Andrew Brannan sold 4,350 shares of the company’s stock in a transaction dated 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Justin E. Dougherty sold 10,203 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were 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 directly owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CRUS shares. Susquehanna lifted their price objective on shares of Cirrus Logic from $120.00 to $175.00 and gave the company a “positive” rating in a research report on Wednesday, July 17th. StockNews.com upgraded shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 1st. Stifel Nicolaus boosted their target price on shares of Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. KeyCorp boosted their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Finally, Barclays boosted their target price on shares of Cirrus Logic from $110.00 to $140.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cirrus Logic currently has an average rating of “Buy” and an average target price 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.