10,703 Shares of Cirrus Logic, Inc. $CRUS Bought by Convergence Financial LLC

Convergence Financial LLC acquired a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 10,703 shares of the semiconductor company’s stock, valued at approximately $1,284,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CRUS. BlackRock Inc. acquired a new stake in Cirrus Logic during the 2nd quarter worth approximately $840,638,000. Bank of America Corp DE bought a new position in Cirrus Logic during the 2nd quarter worth $168,329,000. Caisse de depot et placement du Quebec acquired a new position in Cirrus Logic during the 2nd quarter worth about $61,500,000. Bank of New York Mellon Corp acquired a new position in Cirrus Logic during the 2nd quarter worth about $55,562,000. Finally, Empowered Funds LLC lifted its holdings in Cirrus Logic by 5,275.0% during the 1st quarter. Empowered Funds LLC now owns 211,454 shares of the semiconductor company’s stock worth $30,580,000 after buying an additional 207,520 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Wall Street Analyst Weigh In

CRUS has been the topic of a number of analyst reports. Weiss Ratings upgraded Cirrus Logic from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, October 16th. Susquehanna lowered their price objective on Cirrus Logic from $200.00 to $170.00 and set a “positive” rating for the company in a research report on Wednesday, October 21st. KeyCorp lowered Cirrus Logic from an “overweight” rating to a “sector weight” rating in a research note on Thursday, October 15th. Barclays lowered shares of Cirrus Logic from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $130.00 to $95.00 in a report on Tuesday, October 20th. Finally, Zacks Research lowered Cirrus Logic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 14th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $147.86.

Cirrus Logic Trading Down 1.0%

Cirrus Logic stock opened at $113.08 on Thursday. The firm has a market capitalization of $5.67 billion, a price-to-earnings ratio of 13.84 and a beta of 1.17. The firm’s fifty day moving average price is $114.40 and its two-hundred day moving average price is $138.55. Cirrus Logic, Inc. has a 1-year low of $105.10 and a 1-year high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.81 by $0.03. The business had revenue of $459.72 million during the quarter, compared to the consensus estimate of $460.32 million. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%. The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.51 EPS. On average, research analysts forecast that Cirrus Logic, Inc. will post 7.20 EPS for the current year.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Jeffrey Baumgartner sold 1,166 shares of the stock in a transaction that occurred on Tuesday, October 20th. The stock was sold at an average price of $107.75, for a total transaction of $125,636.50. Following the completion of the sale, the executive vice president directly owned 11,741 shares of the company’s stock, valued at approximately $1,265,092.75. This trade represents a 9.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 3,498 shares of company stock valued at $401,850. 1.20% of the stock is owned by insiders.

Cirrus Logic Company Profile

Cirrus Logic, Inc is a fabless semiconductor company that designs high-performance, low-power analog and mixed-signal integrated circuits. Its products are used to process, manage and enhance audio and other signals in electronic devices, including smartphones, tablets, laptops, headphones, smart speakers and automotive systems.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, haptic controllers, sensing solutions and power-management components.