Sanctuary Advisors LLC Purchases Shares of 8,671 Cirrus Logic, Inc. $CRUS

Sanctuary Advisors LLC purchased a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,671 shares of the semiconductor company’s stock, valued at approximately $1,288,000.

A number of other hedge funds also recently made changes to their positions in the stock. LSV Asset Management raised its holdings in Cirrus Logic by 1.0% during the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock worth $279,215,000 after purchasing an additional 23,703 shares during the last quarter. Mach 1 Financial Group LLC bought a new stake in shares of Cirrus Logic in the 4th quarter valued at $736,000. Arbejdsmarkedets Tillaegspension acquired a new stake in shares of Cirrus Logic during the fourth quarter worth $21,988,000. Assenagon Asset Management S.A. increased its position in shares of Cirrus Logic by 37.6% during the second quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company’s stock worth $31,766,000 after buying an additional 58,446 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its position 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 buying an additional 65,256 shares during the period. 87.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CRUS has been the topic of several recent analyst reports. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Barclays decreased their price target on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a report on Thursday, August 6th. Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Zacks Research downgraded Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Finally, Wall Street Zen lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Five research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cirrus Logic currently has an average rating of “Hold” and an average target price of $150.71.

Cirrus Logic Price Performance

CRUS stock opened at $110.88 on Friday. The stock has a market capitalization of $5.56 billion, a PE ratio of 13.57 and a beta of 1.18. The company’s 50-day moving average is $134.99 and its 200-day moving average is $147.78. Cirrus Logic, Inc. has a 1 year low of $108.81 and a 1 year high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last issued its 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. Cirrus Logic had a return on equity of 20.61% and a net margin of 21.00%.The business had revenue of $459.72 million during the quarter, compared to analyst estimates of $460.32 million. During the same period in the previous year, the company posted $1.51 EPS. The firm’s revenue was up 12.9% compared to the same quarter last year. On average, analysts anticipate that Cirrus Logic, Inc. will post 7.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Scott Thomas sold 1,300 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total value of $234,052.00. Following the completion of the sale, the executive vice president owned 31,048 shares of the company’s stock, valued at approximately $5,589,881.92. This trade represents a 4.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of the business’s 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 sale, the executive vice president owned 17,575 shares of the company’s stock, valued at approximately $2,962,090.50. This represents a 18.19% 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. Over the last quarter, insiders have sold 16,631 shares of company stock worth $2,536,629. Corporate insiders own 1.20% of the company’s stock.

Cirrus Logic 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.