Virtus Advisers LLC Acquires Shares of 18,225 Cirrus Logic, Inc. $CRUS

Virtus Advisers LLC acquired a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 18,225 shares of the semiconductor company’s stock, valued at approximately $2,707,000. Cirrus Logic comprises about 1.0% of Virtus Advisers LLC’s portfolio, making the stock its 13th largest holding.

Other large investors also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd increased its holdings in Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 220 shares during the period. Geneos Wealth Management Inc. lifted its holdings in Cirrus Logic by 120.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after buying an additional 120 shares during the period. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Cirrus Logic in the 4th quarter worth approximately $33,000. Torren Management LLC bought a new stake in shares of Cirrus Logic in the 4th quarter worth approximately $35,000. Finally, Kestra Advisory Services LLC purchased a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $36,000. 87.96% of the stock is owned by institutional investors.

Cirrus Logic Trading Down 1.0%

Shares of CRUS stock opened at $116.90 on Friday. The company’s fifty day moving average price is $140.12 and its 200-day moving average price is $148.58. The stock has a market cap of $5.86 billion, a PE ratio of 14.31 and a beta of 1.18. Cirrus Logic, Inc. has a 12 month low of $109.88 and a 12 month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The company had revenue of $459.72 million during the quarter, compared to analyst estimates of $460.32 million. During the same period last year, the business earned $1.51 EPS. Cirrus Logic’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts forecast that Cirrus Logic, Inc. will post 7.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Jeffrey W. Baumgartner sold 1,166 shares of the business’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $138.57, for a total value of $161,572.62. Following the sale, the executive vice president directly owned 15,239 shares of the company’s stock, valued at $2,111,668.23. The trade was a 7.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the company’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the sale, the executive vice president owned 7,203 shares in the company, valued at $1,042,346.13. The trade was a 47.30% 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 quarter, insiders have sold 15,465 shares of company stock worth $2,399,169. 1.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Zacks Research lowered shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Wall Street Zen lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Finally, KeyCorp reduced their target price on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $150.71.

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.