PNC Financial Services Group Inc. Has $399,000 Stock Position in Cirrus Logic, Inc. $CRUS

PNC Financial Services Group Inc. lowered its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 72.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,761 shares of the semiconductor company’s stock after selling 7,367 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Cirrus Logic were worth $399,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Royal Bank of Canada lifted its holdings in shares of Cirrus Logic by 92.3% during the 1st quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock valued at $7,189,000 after buying an additional 34,629 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Cirrus Logic by 24.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock worth $132,000 after buying an additional 263 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Cirrus Logic by 4.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 214,457 shares of the semiconductor company’s stock valued at $21,372,000 after acquiring an additional 9,658 shares in the last quarter. Focus Partners Wealth bought a new position in Cirrus Logic during the first quarter valued at approximately $361,000. Finally, Geneos Wealth Management Inc. raised its position in Cirrus Logic by 95.1% during the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock valued at $47,000 after acquiring an additional 232 shares in the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Stock Up 4.9%

Shares of Cirrus Logic stock opened at $133.59 on Wednesday. The stock has a market capitalization of $6.74 billion, a P/E ratio of 17.04 and a beta of 1.18. The stock has a 50 day moving average price of $151.48 and a two-hundred day moving average price of $149.12. Cirrus Logic, Inc. has a 12-month low of $92.02 and a 12-month high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.25 million. During the same quarter last year, the firm posted $1.67 earnings per share. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. Sell-side analysts anticipate that Cirrus Logic, Inc. will post 7.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on CRUS. Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic in a research report on Thursday, May 7th. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Barclays lifted their price objective on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research note on Thursday, May 7th. KeyCorp decreased their price objective on shares of Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating for the company in a report on Tuesday, July 14th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $160.29.

Insider Buying and Selling at Cirrus Logic

In related news, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic stock in a transaction on Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the transaction, the executive vice president owned 7,203 shares in the company, valued at $1,042,346.13. This trade represents a 47.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of the business’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total transaction of $333,000.00. Following the transaction, the executive vice president directly owned 4,537 shares of the company’s stock, valued at approximately $755,410.50. This represents a 30.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 23,465 shares of company stock worth $3,743,219 in the last quarter. 1.20% of the stock is owned by corporate insiders.

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.