Hsbc Holdings PLC Raises Stock Holdings in Cirrus Logic, Inc. $CRUS

Hsbc Holdings PLC lifted its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 216.3% during the first quarter, HoldingsChannel.com reports. The fund owned 17,581 shares of the semiconductor company’s stock after purchasing an additional 12,022 shares during the quarter. Hsbc Holdings PLC’s holdings in Cirrus Logic were worth $2,526,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Cirrus Logic during the fourth quarter worth about $69,674,000. Invesco Ltd. lifted its holdings in shares of Cirrus Logic by 133.6% during the fourth quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock worth $76,136,000 after purchasing an additional 367,488 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in Cirrus Logic by 546.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock valued at $46,005,000 after buying an additional 328,159 shares during the last quarter. Defiance ETFs LLC acquired a new position in Cirrus Logic in the 4th quarter valued at $38,050,000. Finally, Allianz Asset Management GmbH raised its position in Cirrus Logic by 33.5% during the 4th quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock worth $127,224,000 after buying an additional 269,391 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on CRUS shares. KeyCorp reduced their target price on shares of Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating for the company in a research note on Tuesday, July 14th. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Barclays increased 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. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Cirrus Logic has a consensus rating of “Moderate Buy” and an average price target of $160.29.

Cirrus Logic Stock Up 0.1%

Cirrus Logic stock opened at $133.61 on Friday. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $180.42. The firm’s 50-day simple moving average is $156.41 and its 200 day simple moving average is $148.40. The firm has a market capitalization of $6.74 billion, a PE ratio of 17.04 and a beta of 1.17.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company had revenue of $448.52 million during the quarter, compared to analysts’ expectations of $442.25 million. During the same quarter in the previous year, the business posted $1.67 earnings per share. The firm’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, research analysts expect that Cirrus Logic, Inc. will post 7.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of the firm’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $144.71, for a total transaction of $935,405.44. Following the sale, the executive vice president directly owned 7,203 shares of the company’s stock, valued at $1,042,346.13. This trade represents a 47.30% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total transaction of $333,000.00. Following the completion of the transaction, the executive vice president directly owned 4,537 shares of the company’s stock, valued at approximately $755,410.50. This represents a 30.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 22,299 shares of company stock valued at $3,581,647. Company insiders own 1.20% of the company’s stock.

Cirrus Logic Company 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.