Millennium Management LLC Sells 301,480 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Millennium Management LLC lessened its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 67.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 145,115 shares of the semiconductor company’s stock after selling 301,480 shares during the period. Millennium Management LLC owned about 0.27% of Cirrus Logic worth $18,525,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Profund Advisors LLC raised its stake in shares of Cirrus Logic by 2.0% during the 2nd 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 lifted its stake in Cirrus Logic by 2.8% in the second quarter. Arkadios Wealth Advisors now owns 4,413 shares of the semiconductor company’s stock valued at $563,000 after acquiring an additional 119 shares during the last quarter. Oak Associates Ltd. OH grew its position in shares of Cirrus Logic by 0.4% in the 2nd quarter. Oak Associates Ltd. OH now owns 34,176 shares of the semiconductor company’s stock valued at $4,363,000 after acquiring an additional 134 shares during the period. Holderness Investments Co. increased its stake in shares of Cirrus Logic by 0.3% during the 2nd quarter. Holderness Investments Co. now owns 47,366 shares of the semiconductor company’s stock worth $6,047,000 after purchasing an additional 155 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in shares of Cirrus Logic by 19.5% in the 2nd quarter. Signaturefd LLC now owns 999 shares of the semiconductor company’s stock valued at $128,000 after purchasing an additional 163 shares during the period. 87.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. KeyCorp lifted 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. Stifel Nicolaus boosted their target price on Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. Barclays raised their price target on Cirrus Logic from $110.00 to $140.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. 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 report on Wednesday, July 17th. Finally, StockNews.com upgraded shares of Cirrus Logic from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $143.33.

Cirrus Logic Stock Performance

CRUS stock opened at $119.61 on Friday. 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 $6.39 billion, a PE ratio of 24.26 and a beta of 0.96. The company’s 50-day simple moving average is $131.03 and its 200 day simple moving average is $117.31.

Cirrus Logic (NASDAQ:CRUS) last announced its 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. 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 for the quarter, compared to analyst estimates of $318.41 million. During the same quarter in the prior year, the business posted $0.35 EPS. The business’s revenue was up 18.0% compared to the same quarter last year. On average, analysts forecast that Cirrus Logic, Inc. will post 5.26 EPS for the current year.

Insider Activity

In related news, VP Andrew Brannan sold 4,350 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was 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 in the company, valued at approximately $544,704.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cirrus Logic news, SVP Justin E. Dougherty sold 10,203 shares of the company’s stock in a transaction 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 sale, the senior vice president now directly owns 4,838 shares in the company, valued at $637,212.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction 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 completion of the transaction, the vice president now owns 4,004 shares in the company, valued at approximately $544,704.16. The trade was a 0.00 % decrease in their position. 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.