DekaBank Deutsche Girozentrale Grows Position in Cirrus Logic, Inc. (CRUS)
DekaBank Deutsche Girozentrale increased its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 96.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,798 shares of the semiconductor company’s stock after buying an additional 1,372 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Cirrus Logic were worth $157,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Fortaleza Asset Management Inc. acquired a new position in Cirrus Logic in the second quarter worth approximately $102,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in Cirrus Logic by 72.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,590 shares of the semiconductor company’s stock worth $138,000 after purchasing an additional 1,086 shares during the period. ETRADE Capital Management LLC bought a new stake in Cirrus Logic during the second quarter worth approximately $201,000. Private Advisor Group LLC bought a new stake in Cirrus Logic during the second quarter worth approximately $215,000. Finally, Turner Investments LLC bought a new stake in Cirrus Logic during the second quarter worth approximately $220,000. Hedge funds and other institutional investors own 87.77% of the company’s stock.
In other news, VP Bradley J. Fluke sold 7,325 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $53.44, for a total value of $391,448.00. Following the completion of the sale, the vice president now directly owns 12,000 shares of the company’s stock, valued at $641,280. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Christine King sold 5,000 shares of the stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $54.51, for a total value of $272,550.00. Following the completion of the sale, the director now directly owns 16,182 shares of the company’s stock, valued at $882,080.82. The disclosure for this sale can be found here. Insiders sold 22,863 shares of company stock valued at $1,251,735 over the last three months. 1.92% of the stock is owned by company insiders.
Shares of Cirrus Logic, Inc. (NASDAQ:CRUS) opened at $56.47 on Monday. Cirrus Logic, Inc. has a 12-month low of $49.05 and a 12-month high of $71.97. The firm has a market capitalization of $3,595.16, a P/E ratio of 12.89, a PEG ratio of 1.48 and a beta of 0.05.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.16. Cirrus Logic had a return on equity of 25.37% and a net margin of 17.11%. The company had revenue of $425.50 million during the quarter, compared to analysts’ expectations of $410.32 million. During the same period in the prior year, the business earned $1.35 earnings per share. Cirrus Logic’s revenue for the quarter was down .7% compared to the same quarter last year. equities analysts anticipate that Cirrus Logic, Inc. will post 4.21 EPS for the current fiscal year.
A number of brokerages have issued reports on CRUS. Zacks Investment Research cut Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th. Canaccord Genuity reaffirmed a “buy” rating and set a $76.00 target price on shares of Cirrus Logic in a research report on Friday, November 3rd. Northland Securities reaffirmed a “buy” rating on shares of Cirrus Logic in a research report on Friday, November 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 target price on shares of Cirrus Logic in a research report on Friday, November 3rd. Finally, Craig Hallum reaffirmed a “hold” rating and set a $54.00 target price (down previously from $63.00) on shares of Cirrus Logic in a research report on Friday, November 3rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $67.05.
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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