Oppenheimer & Co. Inc. Trims Stake in Cirrus Logic, Inc. (CRUS)

Oppenheimer & Co. Inc. reduced its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 50.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,100 shares of the semiconductor company’s stock after selling 4,100 shares during the period. Oppenheimer & Co. Inc.’s holdings in Cirrus Logic were worth $257,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CRUS. Fortaleza Asset Management Inc. bought a new stake in shares of Cirrus Logic during the second quarter worth about $102,000. Mckinley Capital Management LLC Delaware bought a new stake in shares of Cirrus Logic during the first quarter worth about $174,000. Turner Investments LLC bought a new stake in shares of Cirrus Logic during the second quarter worth about $220,000. Soros Fund Management LLC bought a new stake in shares of Cirrus Logic during the first quarter worth about $225,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Cirrus Logic by 76.4% during the first quarter. Envestnet Asset Management Inc. now owns 3,778 shares of the semiconductor company’s stock worth $228,000 after purchasing an additional 1,636 shares during the last quarter. Institutional investors own 89.08% of the company’s stock.

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Several analysts have recently weighed in on CRUS shares. Stifel Nicolaus boosted their price target on Cirrus Logic from $70.00 to $73.00 and gave the stock a “buy” rating in a report on Wednesday, May 24th. Needham & Company LLC restated a “buy” rating and set a $80.00 price target (up from $70.00) on shares of Cirrus Logic in a report on Thursday, June 1st. Pacific Crest restated an “overweight” rating and set a $75.00 price target on shares of Cirrus Logic in a report on Wednesday, June 21st. KeyCorp restated an “overweight” rating and set a $75.00 price target on shares of Cirrus Logic in a report on Wednesday, July 12th. Finally, Barclays PLC cut Cirrus Logic from an “equal weight” rating to an “underweight” rating and set a $55.00 price target on the stock. in a report on Tuesday, July 18th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $67.83.

Cirrus Logic, Inc. (NASDAQ:CRUS) opened at 56.82 on Wednesday. The firm has a 50-day moving average price of $56.87 and a 200 day moving average price of $61.54. Cirrus Logic, Inc. has a 52 week low of $49.05 and a 52 week high of $71.97. The firm has a market capitalization of $3.63 billion and a price-to-earnings ratio of 13.29.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share (EPS) for the quarter, topping the 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 business had revenue of $320.70 million for the quarter, compared to analyst estimates of $320.32 million. During the same period last year, the company earned $0.44 EPS. Cirrus Logic’s revenue for the quarter was up 23.6% compared to the same quarter last year. On average, equities research analysts forecast that Cirrus Logic, Inc. will post $4.74 earnings per share for the current fiscal year.

In related news, Director Christine King sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $57.42, for a total transaction of $287,100.00. Following the transaction, the director now directly owns 16,182 shares in the company, valued at approximately $929,170.44. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director William D. Sherman sold 1,378 shares of the firm’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,313 shares of company stock worth $5,523,018. 1.92% of the stock is owned by corporate insiders.

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.

Institutional Ownership by Quarter for Cirrus Logic (NASDAQ:CRUS)

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