Lazard Asset Management LLC Raises Stake in Cirrus Logic, Inc. $CRUS

Lazard Asset Management LLC raised its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 5.7% in the 1st quarter, Holdings Channel reports. The institutional investor owned 249,874 shares of the semiconductor company’s stock after buying an additional 13,399 shares during the period. Lazard Asset Management LLC’s holdings in Cirrus Logic were worth $36,137,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of CRUS. LSV Asset Management boosted its position in shares of Cirrus Logic by 1.0% during the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock valued at $279,215,000 after acquiring an additional 23,703 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Cirrus Logic by 0.7% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,578,555 shares of the semiconductor company’s stock valued at $187,059,000 after purchasing an additional 11,307 shares during the period. Dimensional Fund Advisors LP increased its position in Cirrus Logic by 6.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company’s stock worth $192,055,000 after purchasing an additional 83,897 shares during the last quarter. Allianz Asset Management GmbH increased its position in Cirrus Logic by 33.5% during the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock worth $127,224,000 after purchasing an additional 269,391 shares during the last quarter. Finally, Sei Investments Co. increased its position in Cirrus Logic by 2.2% during the third quarter. Sei Investments Co. now owns 926,958 shares of the semiconductor company’s stock worth $116,140,000 after purchasing an additional 20,381 shares during the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Scott Thomas sold 1,300 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total value of $234,052.00. Following the sale, the executive vice president directly owned 31,048 shares of the company’s stock, valued at approximately $5,589,881.92. The trade was a 4.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,166 shares of the company’s stock in a transaction that occurred on Monday, July 20th. The stock was sold at an average price of $138.57, for a total transaction of $161,572.62. Following the completion of the transaction, the executive vice president owned 15,239 shares in the company, valued at approximately $2,111,668.23. This represents a 7.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 23,465 shares of company stock worth $3,743,219. Insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CRUS shares. Barclays boosted 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. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. KeyCorp reduced their price target on shares of Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 14th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a research report on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $160.29.

Cirrus Logic Trading Up 0.0%

Shares of CRUS opened at $136.16 on Wednesday. The firm has a market cap of $6.87 billion, a P/E ratio of 17.37 and a beta of 1.17. Cirrus Logic, Inc. has a 12-month low of $92.02 and a 12-month high of $180.42. The company’s 50-day moving average price is $155.42 and its 200 day moving average price is $148.82.

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

About Cirrus Logic

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.