Cullen Frost Bankers Inc. held its stake in Cirrus Logic Inc. (NASDAQ:CRUS) during the second quarter, according to its most recent disclosure with the SEC. The fund owned 7,820 shares of the company’s stock at the end of the second quarter. Cullen Frost Bankers Inc.’s holdings in Cirrus Logic were worth $303,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the company. Bayesian Capital Management LP bought a new stake in shares of Cirrus Logic during the first quarter valued at approximately $204,000. Bowling Portfolio Management LLC bought a new stake in shares of Cirrus Logic during the first quarter valued at approximately $209,000. Strs Ohio raised its stake in shares of Cirrus Logic by 22.0% in the second quarter. Strs Ohio now owns 7,200 shares of the company’s stock valued at $279,000 after buying an additional 1,300 shares during the period. Creative Planning raised its stake in shares of Cirrus Logic by 96.5% in the second quarter. Creative Planning now owns 8,350 shares of the company’s stock valued at $324,000 after buying an additional 4,100 shares during the period. Finally, Adams Diversified Equity Fund Inc. bought a new stake in shares of Cirrus Logic during the second quarter valued at approximately $353,000. Institutional investors own 89.23% of the company’s stock.
Cirrus Logic Inc. (NASDAQ:CRUS) traded up 3.18% during midday trading on Friday, reaching $53.15. 1,378,393 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $52.08 and its 200-day moving average is $41.40. The stock has a market capitalization of $3.32 billion, a price-to-earnings ratio of 32.99 and a beta of 0.44. Cirrus Logic Inc. has a 12-month low of $25.09 and a 12-month high of $58.08.
Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.16. The company earned $259.40 million during the quarter, compared to analysts’ expectations of $236.67 million. Cirrus Logic had a net margin of 9.26% and a return on equity of 14.44%. The firm’s quarterly revenue was down 8.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.54 EPS. On average, equities analysts forecast that Cirrus Logic Inc. will post $3.28 earnings per share for the current year.
Several brokerages have commented on CRUS. Canaccord Genuity raised their price objective on shares of Cirrus Logic from $56.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday, September 20th. Zacks Investment Research downgraded shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Pacific Crest reaffirmed a “hold” rating on shares of Cirrus Logic in a research note on Tuesday, August 16th. Stifel Nicolaus raised their target price on shares of Cirrus Logic from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Thursday, September 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 target price on shares of Cirrus Logic in a research note on Thursday, August 4th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $49.10.
In other Cirrus Logic news, CEO Jason P. Rhode sold 90,156 shares of the business’s stock in a transaction dated Monday, September 12th. The shares were sold at an average price of $48.57, for a total value of $4,378,876.92. Following the completion of the sale, the chief executive officer now directly owns 179,680 shares of the company’s stock, valued at approximately $8,727,057.60. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director David J. Tupman sold 1,500 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $40.62, for a total transaction of $60,930.00. Following the completion of the sale, the director now directly owns 2,500 shares of the company’s stock, valued at $101,550. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.
About Cirrus Logic
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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