103,376 Cirrus Logic, Inc. $CRUS Shares Acquired by Royce & Associates LP

Royce & Associates LP lifted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 25.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 507,270 shares of the semiconductor company’s stock after acquiring an additional 103,376 shares during the quarter. Cirrus Logic accounts for 0.6% of Royce & Associates LP’s investment portfolio, making the stock its 24th largest position. Royce & Associates LP owned 1.01% of Cirrus Logic worth $60,857,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in CRUS. Root Financial Partners LLC acquired a new stake in Cirrus Logic in the 3rd quarter valued at approximately $25,000. Provenance Wealth Advisors LLC purchased a new stake in Cirrus Logic in the third quarter valued at approximately $27,000. SBI Securities Co. Ltd. lifted its stake in Cirrus Logic by 267.7% during the third quarter. SBI Securities Co. Ltd. now owns 239 shares of the semiconductor company’s stock worth $29,000 after purchasing an additional 174 shares in the last quarter. V Square Quantitative Management LLC acquired a new position in Cirrus Logic during the third quarter worth $30,000. Finally, Geneos Wealth Management Inc. lifted its stake in Cirrus Logic by 120.0% during the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock worth $32,000 after purchasing an additional 120 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Cirrus Logic Trading Down 1.2%

CRUS traded down $1.52 during trading hours on Friday, hitting $120.19. 537,256 shares of the company’s stock were exchanged, compared to its average volume of 796,471. Cirrus Logic, Inc. has a 12-month low of $105.10 and a 12-month high of $180.42. The firm has a 50 day moving average of $115.22 and a 200 day moving average of $137.95. The firm has a market cap of $5.99 billion, a P/E ratio of 15.18 and a beta of 1.23.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, November 4th. The semiconductor company reported $2.70 EPS for the quarter, beating the consensus estimate of $2.42 by $0.28. The company had revenue of $559.46 million during the quarter, compared to analysts’ expectations of $540.37 million. Cirrus Logic had a net margin of 20.20% and a return on equity of 19.77%. The firm’s revenue was down .2% compared to the same quarter last year. During the same quarter last year, the company posted $2.83 EPS. As a group, research analysts expect that Cirrus Logic, Inc. will post 6.90 EPS for the current fiscal year.

Insider Activity

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction on Tuesday, October 20th. The stock was sold at an average price of $107.75, for a total value of $125,636.50. Following the completion of the transaction, the executive vice president directly owned 11,741 shares in the company, valued at approximately $1,265,092.75. This trade represents a 9.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 3,498 shares of company stock valued at $401,850 in the last 90 days. 1.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on CRUS shares. KeyCorp lowered Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research report on Thursday, October 15th. Barclays downgraded Cirrus Logic from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $130.00 to $95.00 in a report on Tuesday, October 20th. Susquehanna decreased their target price on Cirrus Logic from $200.00 to $170.00 and set a “positive” rating on the stock in a research note on Wednesday, October 21st. Zacks Research cut Cirrus Logic from a “hold” rating to a “strong sell” rating in a report on Friday, August 14th. Finally, Wall Street Zen downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Sunday, October 18th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cirrus Logic presently has a consensus rating of “Hold” and an average target price of $147.50.

About Cirrus Logic

Cirrus Logic is a fabless semiconductor company that designs high-performance, low-power integrated circuits, with a focus on audio and mixed-signal technologies. Its products include audio converters and codecs, amplifiers, and other components used to capture, process, and reproduce sound. The company also develops mixed-signal products for applications such as haptics and power management. Its chips are designed for a range of markets, including smartphones, computers, consumer audio equipment, automotive systems, and industrial devices.