Teachers Advisors LLC Increases Position in Cirrus Logic, Inc. (CRUS)
Teachers Advisors LLC increased its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 230.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 397,156 shares of the semiconductor company’s stock after acquiring an additional 277,015 shares during the quarter. Teachers Advisors LLC owned about 0.62% of Cirrus Logic worth $24,910,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in CRUS. Fortaleza Asset Management Inc. bought a new position in Cirrus Logic during the second quarter worth $102,000. Mckinley Capital Management LLC Delaware bought a new position in Cirrus Logic during the first quarter worth $174,000. Private Advisor Group LLC bought a new position in Cirrus Logic during the second quarter worth $215,000. Turner Investments LLC bought a new position in Cirrus Logic during the second quarter worth $220,000. Finally, Soros Fund Management LLC bought a new position in Cirrus Logic during the first quarter worth $225,000. 89.08% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director William D. Sherman sold 1,378 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $61.84, for a total value of $85,215.52. Following the transaction, the director now owns 7,307 shares in the company, valued at $451,864.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christine King sold 5,000 shares of the firm’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $57.42, for a total value of $287,100.00. Following the completion of the transaction, the director now owns 16,182 shares in the company, valued at approximately $929,170.44. The disclosure for this sale can be found here. Insiders sold 97,313 shares of company stock worth $5,523,018 in the last 90 days. 1.92% of the stock is owned by company insiders.
A number of equities analysts recently issued reports on CRUS shares. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 target price (up previously from $70.00) on shares of Cirrus Logic in a research report on Thursday, June 1st. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 target price on shares of Cirrus Logic in a research report on Thursday, August 3rd. BidaskClub lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 2nd. Zacks Investment Research raised shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a research report on Monday, August 7th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $76.00 target price on shares of Cirrus Logic in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Cirrus Logic currently has a consensus rating of “Buy” and an average target price of $67.83.
Shares of Cirrus Logic, Inc. (CRUS) opened at 53.44 on Friday. The stock has a 50 day moving average of $56.87 and a 200 day moving average of $61.54. The firm has a market cap of $3.41 billion and a P/E ratio of 12.50. Cirrus Logic, Inc. has a 52 week low of $49.05 and a 52 week high of $71.97.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.15. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. The company had revenue of $320.70 million for the quarter, compared to analysts’ expectations of $320.32 million. During the same quarter last year, the business earned $0.44 earnings per share. Cirrus Logic’s revenue was up 23.6% on a year-over-year basis. Analysts anticipate that Cirrus Logic, Inc. will post $4.74 earnings per share for the current fiscal year.
Cirrus Logic Profile
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.
Want to see what other hedge funds are holding CRUS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cirrus Logic, Inc. (NASDAQ:CRUS).
Receive News & Ratings for Cirrus Logic Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cirrus Logic Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.