Alambic Investment Management L.P. Has $1,052,000 Position in Cirrus Logic, Inc. (CRUS)
Alambic Investment Management L.P. maintained its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) during the third quarter, according to its most recent filing with the SEC. The fund owned 19,800 shares of the company’s stock at the end of the third quarter. Alambic Investment Management L.P.’s holdings in Cirrus Logic were worth $1,052,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in CRUS. CIBC World Markets Inc. bought a new stake in shares of Cirrus Logic during the second quarter worth approximately $1,023,000. Boston Advisors LLC boosted its stake in shares of Cirrus Logic by 0.7% in the second quarter. Boston Advisors LLC now owns 17,625 shares of the company’s stock worth $684,000 after buying an additional 115 shares during the period. Artemis Investment Management LLP bought a new stake in shares of Cirrus Logic during the second quarter worth approximately $15,251,000. Essex Investment Management Co. LLC bought a new stake in shares of Cirrus Logic during the second quarter worth approximately $910,000. Finally, ClariVest Asset Management LLC boosted its stake in shares of Cirrus Logic by 15.5% in the second quarter. ClariVest Asset Management LLC now owns 78,102 shares of the company’s stock worth $3,029,000 after buying an additional 10,500 shares during the period. 87.78% of the stock is owned by institutional investors.
Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) traded up 2.26% during mid-day trading on Friday, hitting $57.38. The stock had a trading volume of 933,815 shares. The firm’s 50 day moving average price is $56.79 and its 200 day moving average price is $51.09. Cirrus Logic, Inc. has a 1-year low of $25.09 and a 1-year high of $60.00. The company has a market cap of $3.66 billion, a P/E ratio of 25.30 and a beta of 0.27.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Thursday, October 27th. The company reported $1.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.30. The business earned $428.62 million during the quarter, compared to the consensus estimate of $396.75 million. Cirrus Logic had a return on equity of 18.83% and a net margin of 11.78%. Cirrus Logic’s quarterly revenue was up 39.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.65 earnings per share. Analysts predict that Cirrus Logic, Inc. will post $4.10 earnings per share for the current fiscal year.
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A number of brokerages recently commented on CRUS. Zacks Investment Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 28th. Susquehanna began coverage on Cirrus Logic in a research note on Tuesday, December 20th. They set a “positive” rating and a $67.00 price objective for the company. Craig Hallum began coverage on Cirrus Logic in a research note on Monday, November 21st. They set a “hold” rating and a $60.00 price objective for the company. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $60.00 price objective (up from $50.00) on shares of Cirrus Logic in a research note on Sunday, October 30th. Finally, Canaccord Genuity lifted their price objective on Cirrus Logic from $56.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, September 20th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $55.73.
In related news, CEO Jason P. Rhode sold 86,982 shares of the stock in a transaction on Monday, November 7th. The stock was sold at an average price of $55.69, for a total value of $4,844,027.58. Following the completion of the sale, the chief executive officer now directly owns 234,077 shares in the company, valued at $13,035,748.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Bradley J. Fluke sold 4,239 shares of the stock in a transaction on Tuesday, November 1st. The shares were sold at an average price of $55.01, for a total value of $233,187.39. The disclosure for this sale can be found here. 3.10% of the stock is owned by corporate insiders.
About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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