Man Group plc Makes New Investment in Cirrus Logic, Inc. $CRUS

Man Group plc bought a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) during the 2nd quarter, Holdings Channel.com reports. The fund bought 134,034 shares of the semiconductor company’s stock, valued at approximately $19,908,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Caitong International Asset Management Co. Ltd raised its position in shares of Cirrus Logic by 7,333.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 220 shares in the last quarter. Geneos Wealth Management Inc. boosted its position in Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 120 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in Cirrus Logic in the fourth quarter valued at about $33,000. Torren Management LLC purchased a new position in Cirrus Logic in the fourth quarter valued at about $35,000. Finally, Kestra Advisory Services LLC bought a new position in Cirrus Logic in the fourth quarter worth about $36,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Jeffrey W. Baumgartner sold 3,907 shares of Cirrus Logic 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 in the company, valued at $2,962,090.50. This trade represents a 18.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 business’s 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 sale, the executive vice president directly owned 7,203 shares in the company, valued at approximately $1,042,346.13. This represents 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. Insiders have sold a total of 16,631 shares of company stock worth $2,536,629 over the last 90 days. 1.20% of the stock is currently owned by corporate insiders.

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS opened at $110.34 on Thursday. The business’s 50-day moving average is $136.07 and its 200 day moving average is $148.01. Cirrus Logic, Inc. has a 1 year low of $109.88 and a 1 year high of $180.42. The firm has a market capitalization of $5.53 billion, a P/E ratio of 13.51 and a beta of 1.18.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results 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 analysts’ expectations of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The firm’s revenue was up 12.9% compared to the same quarter last year. During the same period last year, the business posted $1.51 earnings per share. On average, analysts expect that Cirrus Logic, Inc. will post 7.47 EPS for the current year.

Wall Street Analyst Weigh In

CRUS has been the subject of several analyst reports. Wall Street Zen lowered shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Stifel Nicolaus cut their price objective on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Zacks Research cut shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Finally, KeyCorp lowered their target price on shares of Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Five equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $150.71.

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.