Sterling Capital Management LLC Buys 9,898 Shares of Cirrus Logic, Inc. $CRUS

Sterling Capital Management LLC grew its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 173.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,611 shares of the semiconductor company’s stock after acquiring an additional 9,898 shares during the quarter. Sterling Capital Management LLC’s holdings in Cirrus Logic were worth $2,258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd boosted its holdings in Cirrus Logic by 7,333.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 220 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at about $33,000. Torren Management LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at about $35,000. Kestra Advisory Services LLC bought a new position in shares of Cirrus Logic during the 4th quarter worth approximately $36,000. Finally, CIBC Private Wealth Group LLC boosted its stake in shares of Cirrus Logic by 29.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock worth $46,000 after buying an additional 88 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, EVP Justin E. Dougherty sold 2,000 shares of Cirrus Logic stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total value of $333,000.00. Following the transaction, the executive vice president directly owned 4,537 shares of the company’s stock, valued at $755,410.50. The trade was a 30.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John Forsyth sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.41, for a total value of $852,050.00. Following the completion of the sale, the chief executive officer owned 70,016 shares of the company’s stock, valued at $11,931,426.56. The trade was a 6.67% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 24,319 shares of company stock worth $4,025,230 in the last 90 days. Corporate insiders own 1.20% of the company’s stock.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock opened at $146.50 on Monday. The firm has a market capitalization of $7.39 billion, a PE ratio of 18.69 and a beta of 1.15. Cirrus Logic, Inc. has a 12 month low of $92.02 and a 12 month high of $180.42. The business’s 50-day moving average price is $166.33 and its 200-day moving average price is $145.58.

Cirrus Logic (NASDAQ:CRUS) last issued its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The business had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.25 million. During the same quarter in the prior year, the firm earned $1.67 earnings per share. Cirrus Logic’s revenue for the quarter was up 5.7% on a year-over-year basis. As a group, analysts predict that Cirrus Logic, Inc. will post 8.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CRUS. Zacks Research downgraded Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic in a research report on Thursday, May 7th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday. Barclays boosted their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. Finally, Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $161.71.

Cirrus Logic Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.