Cirrus Logic, Inc. (CRUS) Stake Decreased by Wellington Management Group LLP
Wellington Management Group LLP cut its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 17.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 916,862 shares of the semiconductor company’s stock after selling 196,729 shares during the period. Wellington Management Group LLP owned about 1.43% of Cirrus Logic worth $55,645,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. LSV Asset Management increased its position in shares of Cirrus Logic by 1,368.2% in the first quarter. LSV Asset Management now owns 2,040,779 shares of the semiconductor company’s stock valued at $123,854,000 after buying an additional 1,901,779 shares during the last quarter. UBS Asset Management Americas Inc. increased its position in shares of Cirrus Logic by 4,831.0% in the first quarter. UBS Asset Management Americas Inc. now owns 1,299,314 shares of the semiconductor company’s stock valued at $78,855,000 after buying an additional 1,272,964 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Cirrus Logic by 363.6% in the fourth quarter. AQR Capital Management LLC now owns 990,194 shares of the semiconductor company’s stock valued at $55,986,000 after buying an additional 776,603 shares during the last quarter. Norges Bank acquired a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $36,132,000. Finally, Old Mutual Global Investors UK Ltd. increased its position in shares of Cirrus Logic by 1,806.8% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 541,359 shares of the semiconductor company’s stock valued at $32,855,000 after buying an additional 512,968 shares during the last quarter. 94.92% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) traded down 0.57% during mid-day trading on Friday, hitting $62.61. 1,392,957 shares of the company’s stock traded hands. Cirrus Logic, Inc. has a 52 week low of $34.82 and a 52 week high of $71.97. The company has a market cap of $4.00 billion, a PE ratio of 15.97 and a beta of 0.03. The firm has a 50-day moving average of $65.38 and a 200 day moving average of $59.90.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, May 3rd. The semiconductor company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.14. The company had revenue of $327.86 million for the quarter, compared to analyst estimates of $320.94 million. Cirrus Logic had a net margin of 16.31% and a return on equity of 26.32%. Cirrus Logic’s revenue was up 41.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.38 earnings per share. Equities research analysts predict that Cirrus Logic, Inc. will post $4.56 EPS for the current year.
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CRUS has been the topic of several recent analyst reports. Pacific Crest raised Cirrus Logic from a “sector weight” rating to an “overweight” rating and set a $75.00 target price on the stock in a report on Tuesday, April 4th. Needham & Company LLC restated a “buy” rating and issued a $70.00 price objective on shares of Cirrus Logic in a research report on Friday, April 14th. Vetr cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating and set a $70.00 price objective for the company. in a research report on Tuesday, April 18th. Dougherty & Co boosted their price objective on shares of Cirrus Logic from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, May 4th. Finally, Canaccord Genuity restated a “buy” rating and issued a $68.00 price objective on shares of Cirrus Logic in a research report on Monday, March 6th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Cirrus Logic has an average rating of “Buy” and a consensus target price of $66.83.
In related news, VP Bradley J. Fluke sold 19,459 shares of Cirrus Logic stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $64.48, for a total transaction of $1,254,716.32. Following the completion of the transaction, the vice president now owns 15,063 shares of the company’s stock, valued at $971,262.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Scott Arnold Anderson sold 17,466 shares of Cirrus Logic stock in a transaction on Monday, May 15th. The stock was sold at an average price of $64.20, for a total transaction of $1,121,317.20. Following the transaction, the vice president now directly owns 24,432 shares of the company’s stock, valued at approximately $1,568,534.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 96,858 shares of company stock worth $6,197,529. 1.92% of the stock is owned by company 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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