Nationwide Fund Advisors raised its position in Cirrus Logic Inc. (NASDAQ:CRUS) by 27.7% during the second quarter, Holdings Channel reports. The fund owned 55,953 shares of the company’s stock after buying an additional 12,130 shares during the period. Nationwide Fund Advisors owned approximately 0.09% of Cirrus Logic worth $2,170,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. Springbok Capital Management LLC acquired a new position in Cirrus Logic during the first quarter worth approximately $1,185,000. Bayesian Capital Management LP purchased a new position in shares of Cirrus Logic during the first quarter valued at about $204,000. Wellington Management Group LLP purchased a new position in shares of Cirrus Logic during the first quarter valued at about $16,028,000. Geode Capital Management LLC raised its position in shares of Cirrus Logic by 0.9% in the first quarter. Geode Capital Management LLC now owns 572,093 shares of the company’s stock valued at $20,829,000 after buying an additional 5,260 shares in the last quarter. Finally, Nicholas Investment Partners LP purchased a new position in shares of Cirrus Logic during the first quarter valued at about $1,247,000. Institutional investors and hedge funds own 89.23% of the company’s stock.
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) traded down 1.04% on Wednesday, hitting $53.46. The stock had a trading volume of 104,953 shares. Cirrus Logic Inc. has a 12-month low of $25.09 and a 12-month high of $58.08. The firm has a market capitalization of $3.34 billion, a P/E ratio of 33.18 and a beta of 0.41. The company has a 50 day moving average of $52.47 and a 200-day moving average of $42.38.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.16. The business 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 revenue for the quarter was down 8.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.54 EPS. Equities analysts predict that Cirrus Logic Inc. will post $3.28 EPS for the current fiscal year.
Several equities analysts recently issued reports on the company. Canaccord Genuity boosted their price target on Cirrus Logic from $56.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, September 20th. Zacks Investment Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 27th. Pacific Crest restated a “hold” rating on shares of Cirrus Logic in a research note on Tuesday, August 16th. Stifel Nicolaus boosted their price target on 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 restated a “buy” rating and set a $55.00 price target on shares of Cirrus Logic in a research note on Thursday, August 4th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Cirrus Logic has a consensus rating of “Buy” and a consensus target price of $49.10.
In other Cirrus Logic news, CEO Jason P. Rhode sold 90,156 shares of the stock in a transaction on Monday, September 12th. The shares were sold at an average price of $48.57, for a total transaction of $4,378,876.92. Following the completion of the sale, the chief executive officer now owns 179,680 shares of the company’s stock, valued at approximately $8,727,057.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Andrew Brannan sold 21,498 shares of the stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $52.14, for a total transaction of $1,120,905.72. Following the sale, the vice president now directly owns 21,498 shares of the company’s stock, valued at approximately $1,120,905.72. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.
Cirrus Logic Company Profile
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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