Pacer Advisors Inc. Sells 47,692 Shares of Cirrus Logic, Inc. $CRUS

Pacer Advisors Inc. reduced its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 20.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 184,925 shares of the semiconductor company’s stock after selling 47,692 shares during the quarter. Pacer Advisors Inc. owned about 0.36% of Cirrus Logic worth $23,169,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of CRUS. AQR Capital Management LLC grew its position in Cirrus Logic by 131.5% in the first quarter. AQR Capital Management LLC now owns 1,063,813 shares of the semiconductor company’s stock worth $103,456,000 after acquiring an additional 604,337 shares in the last quarter. Sei Investments Co. lifted its stake in Cirrus Logic by 4.6% during the second quarter. Sei Investments Co. now owns 906,577 shares of the semiconductor company’s stock worth $94,517,000 after purchasing an additional 40,149 shares during the last quarter. Norges Bank purchased a new position in shares of Cirrus Logic in the 2nd quarter worth about $68,744,000. DNB Asset Management AS raised its holdings in shares of Cirrus Logic by 124.1% during the 2nd quarter. DNB Asset Management AS now owns 504,474 shares of the semiconductor company’s stock valued at $52,594,000 after buying an additional 279,398 shares in the last quarter. Finally, Qube Research & Technologies Ltd lifted its position in Cirrus Logic by 11.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 497,639 shares of the semiconductor company’s stock worth $51,881,000 after buying an additional 52,774 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Stifel Nicolaus boosted their price objective on shares of Cirrus Logic from $140.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, November 5th. Wall Street Zen lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Barclays raised their price objective on Cirrus Logic from $90.00 to $95.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 5th. Susquehanna boosted their target price on Cirrus Logic from $140.00 to $155.00 and gave the company a “positive” rating in a research note on Wednesday, October 22nd. Finally, Williams Trading set a $150.00 price target on Cirrus Logic in a research report on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $141.67.

Cirrus Logic Price Performance

NASDAQ CRUS opened at $120.87 on Friday. Cirrus Logic, Inc. has a 1 year low of $75.83 and a 1 year high of $136.92. The stock has a market capitalization of $6.17 billion, a PE ratio of 17.17 and a beta of 1.08. The business’s 50-day moving average is $122.97 and its 200 day moving average is $115.85.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, November 4th. The semiconductor company reported $2.83 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.51. Cirrus Logic had a return on equity of 19.59% and a net margin of 19.48%.The business had revenue of $560.96 million during the quarter, compared to analysts’ expectations of $540.45 million. During the same quarter last year, the business posted $2.25 EPS. The business’s revenue was up 3.5% on a year-over-year basis. As a group, equities research analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Andrew Brannan sold 8,913 shares of the company’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $119.06, for a total value of $1,061,181.78. Following the completion of the transaction, the executive vice president directly owned 5,950 shares in the company, valued at approximately $708,407. This represents a 59.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Thomas sold 734 shares of the firm’s stock in a transaction dated Monday, October 20th. The stock was sold at an average price of $131.25, for a total transaction of $96,337.50. Following the completion of the sale, the executive vice president directly owned 26,307 shares of the company’s stock, valued at approximately $3,452,793.75. This represents a 2.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.16% of the company’s stock.

About Cirrus Logic

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.