Globeflex Capital L P Purchases New Position in Cirrus Logic, Inc. $CRUS

Globeflex Capital L P bought a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the 2nd quarter, according to its most recent filing with the SEC. The firm bought 71,224 shares of the semiconductor company’s stock, valued at approximately $10,579,000. Cirrus Logic accounts for 1.4% of Globeflex Capital L P’s holdings, making the stock its 12th biggest position.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRUS. BlackRock Inc. purchased a new stake in shares of Cirrus Logic during the second quarter worth about $840,638,000. LSV Asset Management increased its holdings in Cirrus Logic by 1.0% during the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock worth $279,215,000 after purchasing an additional 23,703 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its stake 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 worth $187,059,000 after buying an additional 11,307 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cirrus Logic by 6.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,328,155 shares of the semiconductor company’s stock valued at $192,055,000 after purchasing an additional 83,897 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake 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 valued at $127,224,000 after buying an additional 269,391 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. KeyCorp dropped their target price on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, August 6th. Zacks Research lowered Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Wall Street Zen cut Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Finally, Barclays reduced their price objective on shares of Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a report on Thursday, August 6th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $150.71.

Cirrus Logic Price Performance

Shares of Cirrus Logic stock opened at $115.33 on Monday. The stock’s fifty day moving average is $139.15 and its 200-day moving average is $148.47. The firm has a market capitalization of $5.78 billion, a PE ratio of 14.12 and a beta of 1.18. Cirrus Logic, Inc. has a 12-month low of $109.88 and a 12-month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. The company had revenue of $459.72 million during the quarter, compared to analyst estimates of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The business’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.51 earnings per share. Analysts expect that Cirrus Logic, Inc. will post 7.47 EPS for the current year.

Insider Activity

In other news, EVP Jeffrey W. Baumgartner sold 3,907 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total value of $658,485.78. Following the completion of the sale, the executive vice president directly owned 17,575 shares of the company’s stock, valued at $2,962,090.50. This represents a 18.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the completion of the sale, the executive vice president owned 7,203 shares of the company’s stock, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 15,465 shares of company stock worth $2,399,169. 1.20% of the stock is owned by corporate insiders.

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.