Holderness Investments Co. cut its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,335 shares of the semiconductor company’s stock after selling 1,187 shares during the quarter. Cirrus Logic comprises approximately 1.2% of Holderness Investments Co.’s investment portfolio, making the stock its 21st biggest position. Holderness Investments Co.’s holdings in Cirrus Logic were worth $2,454,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Cirrus Logic in the 4th quarter valued at approximately $33,900,000. Prudential Financial Inc. grew its position in Cirrus Logic by 106.2% during the fourth quarter. Prudential Financial Inc. now owns 801,837 shares of the semiconductor company’s stock valued at $26,605,000 after acquiring an additional 412,921 shares during the period. BlackRock Inc. grew its position in Cirrus Logic by 3.3% during the first quarter. BlackRock Inc. now owns 7,917,404 shares of the semiconductor company’s stock valued at $333,085,000 after acquiring an additional 253,505 shares during the period. Millennium Management LLC grew its position in Cirrus Logic by 219.6% during the fourth quarter. Millennium Management LLC now owns 349,175 shares of the semiconductor company’s stock valued at $11,586,000 after acquiring an additional 239,918 shares during the period. Finally, Royce & Associates LP grew its position in Cirrus Logic by 48.0% during the first quarter. Royce & Associates LP now owns 694,702 shares of the semiconductor company’s stock valued at $29,226,000 after acquiring an additional 225,172 shares during the period. Institutional investors and hedge funds own 84.62% of the company’s stock.

In other Cirrus Logic news, Director David J. Tupman sold 1,541 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $49.43, for a total transaction of $76,171.63. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Scott Thomas sold 6,153 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $45.00, for a total value of $276,885.00. The disclosure for this sale can be found here. Corporate insiders own 2.79% of the company’s stock.

Several equities research analysts have recently weighed in on the company. Zacks Investment Research raised Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 target price for the company in a research report on Wednesday, May 8th. Cowen reaffirmed a “market perform” rating and issued a $48.00 target price (up previously from $38.00) on shares of Cirrus Logic in a research report on Thursday, May 2nd. MKM Partners upped their target price on Cirrus Logic to $55.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. BidaskClub downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, May 14th. Finally, ValuEngine downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Friday, May 17th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Cirrus Logic presently has a consensus rating of “Hold” and an average target price of $45.00.

Shares of CRUS opened at $39.86 on Monday. The stock has a market capitalization of $2.32 billion, a P/E ratio of 19.44, a price-to-earnings-growth ratio of 1.77 and a beta of 0.86. Cirrus Logic, Inc. has a one year low of $31.25 and a one year high of $50.12.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.04. Cirrus Logic had a return on equity of 10.65% and a net margin of 7.59%. The firm had revenue of $240.44 million during the quarter, compared to the consensus estimate of $219.67 million. During the same quarter in the prior year, the business posted $0.51 earnings per share. Cirrus Logic’s revenue for the quarter was down 20.7% on a year-over-year basis. As a group, equities analysts forecast that Cirrus Logic, Inc. will post 1.5 EPS for the current fiscal year.

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Cirrus Logic Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.

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Institutional Ownership by Quarter for Cirrus Logic (NASDAQ:CRUS)

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