Cirrus Logic, Inc. $CRUS Position Trimmed by Empirical Finance LLC

Empirical Finance LLC decreased its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 52.8% during the second quarter, Holdings Channel.com reports. The firm owned 4,537 shares of the semiconductor company’s stock after selling 5,070 shares during the period. Empirical Finance LLC’s holdings in Cirrus Logic were worth $674,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. LSV Asset Management boosted its stake 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 buying an additional 23,703 shares during the period. Mach 1 Financial Group LLC acquired a new position in shares of Cirrus Logic in the fourth quarter worth $736,000. Assenagon Asset Management S.A. increased its stake in shares of Cirrus Logic by 37.6% in the second quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company’s stock worth $31,766,000 after acquiring an additional 58,446 shares during the last quarter. Arbejdsmarkedets Tillaegspension purchased a new stake in shares of Cirrus Logic during the fourth quarter worth $21,988,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Cirrus Logic by 2,574.2% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 67,791 shares of the semiconductor company’s stock worth $8,033,000 after acquiring an additional 65,256 shares in the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cirrus Logic

In other news, EVP Jeffrey Baumgartner sold 1,166 shares of the company’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $117.89, for a total transaction of $137,459.74. Following the completion of the sale, the executive vice president owned 14,073 shares in the company, valued at approximately $1,659,065.97. This represents a 7.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 dated Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the transaction, 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. 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. Insiders sold 11,424 shares of company stock valued at $1,644,091 in the last ninety days. Insiders own 1.20% of the company’s stock.

Cirrus Logic Trading Up 5.2%

Cirrus Logic stock opened at $116.48 on Friday. Cirrus Logic, Inc. has a 1-year low of $106.26 and a 1-year high of $180.42. The firm’s fifty day simple moving average is $126.66 and its 200-day simple moving average is $145.61. The company has a market capitalization of $5.84 billion, a P/E ratio of 14.26 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.81 by $0.03. The firm had revenue of $459.72 million during the quarter, compared to analysts’ expectations of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. Cirrus Logic’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.51 earnings per share. On average, equities research analysts predict that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

Analysts Set New Price Targets

CRUS has been the topic of a number of recent research reports. Barclays lowered their target price on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 6th. Stifel Nicolaus cut their price target on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Wall Street Zen lowered Cirrus Logic from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. KeyCorp lowered their price target on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. 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’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $150.71.

Cirrus Logic Profile

Cirrus Logic, Inc (NASDAQ: CRUS) is a fabless semiconductor company that develops high-performance, low-power integrated circuits and related software. Its products are designed to process audio and other mixed-signal information in electronic devices, helping manufacturers deliver high-quality sound, efficient power management and responsive user experiences.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, smart codecs, haptic-control solutions and other mixed-signal components.