BlueMountain Capital Management LLC purchased a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 39,052 shares of the semiconductor company’s stock, valued at approximately $2,449,000. BlueMountain Capital Management LLC owned 0.06% of Cirrus Logic as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Fortaleza Asset Management Inc. acquired a new stake in Cirrus Logic during the 2nd quarter worth about $102,000. Mckinley Capital Management LLC Delaware acquired a new stake in Cirrus Logic during the 1st quarter worth about $174,000. Private Advisor Group LLC acquired a new stake in Cirrus Logic during the 2nd quarter worth about $215,000. Turner Investments LLC acquired a new stake in Cirrus Logic during the 2nd quarter worth about $220,000. Finally, Soros Fund Management LLC acquired a new stake in Cirrus Logic during the 1st quarter worth about $225,000. 89.08% of the stock is currently owned by institutional investors.
In other news, Director William D. Sherman sold 1,378 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $61.84, for a total transaction of $85,215.52. Following the transaction, the director now directly owns 7,307 shares in the company, valued at $451,864.88. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thurman K. Case sold 8,610 shares of the business’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $57.35, for a total transaction of $493,783.50. Following the transaction, the chief financial officer now owns 3,880 shares in the company, valued at $222,518. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 92,313 shares of company stock worth $5,235,918. Company insiders own 1.92% of the company’s stock.
Shares of Cirrus Logic, Inc. (NASDAQ CRUS) opened at 57.85 on Monday. The stock has a market capitalization of $3.69 billion and a price-to-earnings ratio of 13.53. Cirrus Logic, Inc. has a 1-year low of $49.05 and a 1-year high of $71.97. The stock’s 50 day moving average is $57.19 and its 200 day moving average is $61.40.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The business had revenue of $320.70 million for the quarter, compared to analyst estimates of $320.32 million. During the same period in the previous year, the business posted $0.44 earnings per share. The business’s revenue was up 23.6% compared to the same quarter last year. On average, equities analysts forecast that Cirrus Logic, Inc. will post $4.74 EPS for the current year.
Several equities research analysts have weighed in on CRUS shares. Stifel Nicolaus increased their price target on Cirrus Logic from $70.00 to $73.00 and gave the stock a “buy” rating in a research report on Wednesday, May 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target (up from $70.00) on shares of Cirrus Logic in a research report on Thursday, June 1st. Pacific Crest reaffirmed an “overweight” rating and set a $75.00 price target on shares of Cirrus Logic in a research report on Wednesday, June 21st. KeyCorp reaffirmed an “overweight” rating and set a $75.00 price target on shares of Cirrus Logic in a research report on Wednesday, July 12th. Finally, Barclays PLC downgraded Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 price target on the stock. in a research report on Tuesday, July 18th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $68.59.
Cirrus Logic Company 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.
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