Sapphire Star Partners LP Invests $211,000 in Cirrus Logic, Inc. (CRUS)
Sapphire Star Partners LP purchased a new position in Cirrus Logic, Inc. (NASDAQ:CRUS) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 3,964 shares of the semiconductor company’s stock, valued at approximately $211,000.
Other hedge funds have also recently added to or reduced their stakes in the company. King Luther Capital Management Corp purchased a new position in shares of Cirrus Logic in the 2nd quarter worth $1,101,000. Teachers Advisors LLC boosted its stake in shares of Cirrus Logic by 230.6% in the 2nd quarter. Teachers Advisors LLC now owns 397,156 shares of the semiconductor company’s stock worth $24,910,000 after buying an additional 277,015 shares during the last quarter. BlueMountain Capital Management LLC purchased a new position in shares of Cirrus Logic in the 2nd quarter worth $2,449,000. Principal Financial Group Inc. lifted its position in Cirrus Logic by 4.3% during the second quarter. Principal Financial Group Inc. now owns 276,706 shares of the semiconductor company’s stock valued at $17,355,000 after purchasing an additional 11,483 shares in the last quarter. Finally, State of Tennessee Treasury Department lifted its position in Cirrus Logic by 135.2% during the second quarter. State of Tennessee Treasury Department now owns 211,710 shares of the semiconductor company’s stock valued at $13,278,000 after purchasing an additional 121,710 shares in the last quarter. Hedge funds and other institutional investors own 89.67% of the company’s stock.
CRUS has been the topic of several analyst reports. Canaccord Genuity reiterated a “buy” rating and set a $76.00 target price on shares of Cirrus Logic in a research report on Tuesday, September 19th. Northland Securities reiterated a “buy” rating on shares of Cirrus Logic in a research report on Friday. ValuEngine downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Monday, September 18th. Vetr upgraded Cirrus Logic from a “buy” rating to a “strong-buy” rating and set a $66.67 target price on the stock in a research report on Thursday, August 3rd. Finally, KeyCorp reiterated an “overweight” rating and set a $75.00 target price on shares of Cirrus Logic in a research report on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $67.05.
In other news, VP Andrew Brannan sold 21,504 shares of Cirrus Logic stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $55.10, for a total value of $1,184,870.40. Following the sale, the vice president now directly owns 21,504 shares of the company’s stock, valued at $1,184,870.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thurman K. Case sold 8,610 shares of Cirrus Logic stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $57.35, for a total value of $493,783.50. Following the completion of the sale, the chief financial officer now directly owns 3,880 shares in the company, valued at $222,518. The disclosure for this sale can be found here. Insiders sold 106,309 shares of company stock worth $5,986,496 over the last ninety days. Insiders own 1.92% of the company’s stock.
Cirrus Logic, Inc. (NASDAQ:CRUS) traded up $0.15 during trading hours on Monday, reaching $56.57. The company’s stock had a trading volume of 67,574 shares, compared to its average volume of 884,234. The company has a market capitalization of $3,591.99, a PE ratio of 12.88, a PEG ratio of 1.03 and a beta of 0.05. Cirrus Logic, Inc. has a twelve month low of $49.05 and a twelve month high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Thursday, November 2nd. The semiconductor company reported $1.36 EPS for the quarter, beating the Zacks’ 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 business had revenue of $425.50 million for the quarter, compared to analysts’ expectations of $410.32 million. During the same period last year, the firm earned $1.35 earnings per share. The business’s quarterly revenue was down .7% on a year-over-year basis. research analysts anticipate that Cirrus Logic, Inc. will post 4.25 earnings per share for the current fiscal year.
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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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