Cirrus Logic, Inc. (CRUS) Stake Raised by Burney Co.
Burney Co. raised its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,502 shares of the semiconductor company’s stock after buying an additional 3,440 shares during the period. Burney Co. owned approximately 0.20% of Cirrus Logic worth $8,258,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the company. Fortaleza Asset Management Inc. acquired a new position in shares of Cirrus Logic during the second quarter worth about $102,000. Advisory Services Network LLC acquired a new position in shares of Cirrus Logic during the first quarter worth about $108,000. Mckinley Capital Management LLC Delaware acquired a new position in shares of Cirrus Logic during the first quarter worth about $174,000. Turner Investments LLC acquired a new position in shares of Cirrus Logic during the second quarter worth about $220,000. Finally, Soros Fund Management LLC acquired a new position in shares of Cirrus Logic during the first quarter worth about $225,000. 89.16% of the stock is owned by institutional investors and hedge funds.
Cirrus Logic, Inc. (NASDAQ:CRUS) traded up 0.72% during mid-day trading on Friday, hitting $58.40. The stock had a trading volume of 62,204 shares. The company has a market cap of $3.73 billion, a P/E ratio of 13.66 and a beta of 0.01. The company has a 50-day moving average price of $59.24 and a 200 day moving average price of $61.23. Cirrus Logic, Inc. has a 1-year low of $47.01 and a 1-year high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The company had revenue of $320.70 million during the quarter, compared to analyst estimates of $320.32 million. During the same quarter in the previous year, the business earned $0.44 EPS. The firm’s revenue was up 23.6% on a year-over-year basis. Equities research analysts forecast that Cirrus Logic, Inc. will post $4.74 EPS for the current fiscal year.
A number of brokerages recently issued reports on CRUS. Stifel Nicolaus reissued a “buy” rating and issued a $73.00 price objective (down from $75.00) on shares of Cirrus Logic in a report on Wednesday, August 9th. Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Monday, August 7th. KeyCorp reissued an “overweight” rating and issued a $75.00 price objective on shares of Cirrus Logic in a report on Wednesday, July 12th. Dougherty & Co increased their price objective on Cirrus Logic from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, May 4th. Finally, BidaskClub lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $68.59.
In other news, Director Alan R. Schuele sold 2,000 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $57.30, for a total value of $114,600.00. Following the completion of the transaction, the director now owns 14,165 shares of the company’s stock, valued at approximately $811,654.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William D. Sherman sold 1,378 shares of the business’s stock in a transaction on Monday, July 31st. The shares were sold at an average price of $61.84, for a total transaction of $85,215.52. Following the completion of the transaction, the director now directly owns 7,307 shares of the company’s stock, valued at approximately $451,864.88. The disclosure for this sale can be found here. Insiders sold a total of 92,143 shares of company stock valued at $5,225,964 in the last three months. 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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