Vident Investment Advisory LLC lowered its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 13.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,335 shares of the semiconductor company’s stock after selling 3,747 shares during the period. Vident Investment Advisory LLC’s holdings in Cirrus Logic were worth $1,442,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Krane Funds Advisors LLC increased its holdings in shares of Cirrus Logic by 6.3% during the first quarter. Krane Funds Advisors LLC now owns 3,274 shares of the semiconductor company’s stock valued at $215,000 after purchasing an additional 195 shares during the period. Sunbelt Securities Inc. bought a new position in Cirrus Logic in the 4th quarter valued at about $4,120,000. MorganRosel Wealth Management LLC increased its stake in Cirrus Logic by 2.8% during the 2nd quarter. MorganRosel Wealth Management LLC now owns 7,931 shares of the semiconductor company’s stock valued at $490,000 after buying an additional 219 shares during the period. C M Bidwell & Associates Ltd. increased its stake in Cirrus Logic by 50.0% during the 1st quarter. C M Bidwell & Associates Ltd. now owns 810 shares of the semiconductor company’s stock valued at $53,000 after buying an additional 270 shares during the period. Finally, Janney Montgomery Scott LLC raised its position in shares of Cirrus Logic by 1.2% during the 2nd quarter. Janney Montgomery Scott LLC now owns 24,223 shares of the semiconductor company’s stock worth $1,496,000 after buying an additional 296 shares in the last quarter. Institutional investors own 86.53% of the company’s stock.
NASDAQ:CRUS opened at $68.53 on Friday. The stock has a fifty day simple moving average of $63.51 and a 200 day simple moving average of $69.63. The firm has a market capitalization of $4.00 billion, a price-to-earnings ratio of 20.96, a price-to-earnings-growth ratio of 3.50 and a beta of 0.95. Cirrus Logic, Inc. has a 1-year low of $47.04 and a 1-year high of $91.63. The company has a quick ratio of 3.17, a current ratio of 4.10 and a debt-to-equity ratio of 0.11.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Monday, May 4th. The semiconductor company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.18. The company had revenue of $279.29 million during the quarter, compared to analyst estimates of $258.73 million. Cirrus Logic had a net margin of 12.45% and a return on equity of 16.46%. The business’s quarterly revenue was up 16.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.37 earnings per share. Equities analysts predict that Cirrus Logic, Inc. will post 2.3 earnings per share for the current year.
A number of research firms recently commented on CRUS. Needham & Company LLC reiterated a “hold” rating on shares of Cirrus Logic in a research note on Monday, May 18th. Barclays cut Cirrus Logic from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $75.00 to $60.00 in a research report on Monday, June 22nd. BidaskClub upgraded Cirrus Logic from a “sell” rating to a “hold” rating in a report on Wednesday, July 1st. TheStreet lowered Cirrus Logic from a “b-” rating to a “c” rating in a report on Monday, June 1st. Finally, ValuEngine downgraded shares of Cirrus Logic from a “hold” rating to a “sell” rating in a report on Thursday, July 2nd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. Cirrus Logic presently has an average rating of “Hold” and a consensus target price of $80.13.
In related news, President John Forsyth sold 1,500 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $75.00, for a total value of $112,500.00. Following the completion of the sale, the president now directly owns 1,500 shares of the company’s stock, valued at approximately $112,500. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jason P. Rhode sold 97,148 shares of the firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $71.72, for a total value of $6,967,454.56. Following the sale, the chief executive officer now owns 308,444 shares of the company’s stock, valued at $22,121,603.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,648 shares of company stock valued at $7,966,155. 1.83% of the stock is owned by insiders.
About Cirrus Logic
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.
Further Reading: Green Investing
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