Future Fund LLC Sells 7,288 Shares of Cirrus Logic, Inc. $CRUS

Future Fund LLC reduced its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 27.1% during the fourth quarter, Holdings Channel.com reports. The fund owned 19,646 shares of the semiconductor company’s stock after selling 7,288 shares during the quarter. Future Fund LLC’s holdings in Cirrus Logic were worth $2,328,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Cirrus Logic by 4.2% in the 3rd quarter. Vanguard Group Inc. now owns 6,622,431 shares of the semiconductor company’s stock worth $829,724,000 after acquiring an additional 268,560 shares in the last quarter. LSV Asset Management grew its stake in Cirrus Logic by 1.0% in the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock worth $279,215,000 after acquiring an additional 23,703 shares in the last quarter. Earnest Partners LLC grew its stake in Cirrus Logic by 0.8% in the 3rd quarter. Earnest Partners LLC now owns 1,348,710 shares of the semiconductor company’s stock worth $168,980,000 after acquiring an additional 10,750 shares in the last quarter. Sei Investments Co. grew its stake in Cirrus Logic by 2.2% in the 3rd quarter. Sei Investments Co. now owns 926,958 shares of the semiconductor company’s stock worth $116,140,000 after acquiring an additional 20,381 shares in the last quarter. Finally, Royce & Associates LP grew its stake in Cirrus Logic by 5.1% in the 3rd quarter. Royce & Associates LP now owns 713,999 shares of the semiconductor company’s stock worth $89,457,000 after acquiring an additional 34,839 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Justin E. Dougherty sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total transaction of $333,000.00. Following the completion of the sale, the executive vice president owned 4,537 shares of the company’s stock, valued at $755,410.50. This represents a 30.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John Forsyth sold 5,000 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.41, for a total transaction of $852,050.00. Following the sale, the chief executive officer directly owned 70,016 shares of the company’s stock, valued at $11,931,426.56. The trade was a 6.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 17,942 shares of company stock worth $2,935,864. 1.16% of the stock is currently owned by insiders.

Cirrus Logic Stock Performance

NASDAQ CRUS opened at $169.95 on Friday. The firm’s 50 day moving average price is $160.17 and its 200-day moving average price is $139.19. Cirrus Logic, Inc. has a 52-week low of $92.02 and a 52-week high of $180.42. The company has a market cap of $8.60 billion, a PE ratio of 21.68 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS) last posted its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company had revenue of $448.52 million during the quarter, compared to analysts’ expectations of $442.26 million. During the same quarter in the prior year, the company posted $1.67 earnings per share. Cirrus Logic’s revenue for the quarter was up 5.7% compared to the same quarter last year. On average, analysts forecast that Cirrus Logic, Inc. will post 8.01 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CRUS has been the topic of a number of recent research reports. Benchmark increased their price objective on shares of Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. KeyCorp increased their price objective on shares of Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Stifel Nicolaus set a $197.00 price objective on shares of Cirrus Logic in a research note on Thursday, May 7th. Barclays increased their price objective on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Friday, March 27th. Four research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $161.71.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.