Squarepoint Ops LLC Sells 103,267 Shares of Cirrus Logic, Inc. $CRUS

Squarepoint Ops LLC lessened its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 53.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,421 shares of the semiconductor company’s stock after selling 103,267 shares during the period. Squarepoint Ops LLC’s holdings in Cirrus Logic were worth $13,282,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Royal Bank of Canada grew 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 worth $7,189,000 after purchasing an additional 34,629 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 valued at $132,000 after purchasing an additional 263 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted 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 worth $21,372,000 after purchasing an additional 9,658 shares during the period. Focus Partners Wealth bought a new stake in Cirrus Logic during the first quarter worth about $361,000. Finally, Geneos Wealth Management Inc. grew its stake in Cirrus Logic by 95.1% during the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after buying an additional 232 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 1,166 shares of Cirrus Logic stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $117.89, for a total transaction of $137,459.74. Following the transaction, the executive vice president directly owned 14,073 shares of the company’s stock, valued at approximately $1,659,065.97. The trade was a 7.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 11,424 shares of company stock worth $1,644,091. 1.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on CRUS. Stifel Nicolaus dropped their target price on shares of Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Wall Street Zen cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. KeyCorp cut their target price on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating for the company in a research note on Thursday, August 6th. Finally, Barclays reduced their target price on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating on the stock in a report on Thursday, August 6th. Five investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cirrus Logic presently has an average rating of “Hold” and a consensus target price of $150.71.

Cirrus Logic Price Performance

NASDAQ:CRUS opened at $110.72 on Thursday. The firm’s 50 day simple moving average is $127.25 and its 200 day simple moving average is $145.79. Cirrus Logic, Inc. has a one year low of $106.26 and a one year high of $180.42. The company has a market cap of $5.55 billion, a PE ratio of 13.55 and a beta of 1.16.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.03. The firm had revenue of $459.72 million during the quarter, compared to analysts’ expectations of $460.32 million. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The company’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.51 EPS. Equities research analysts expect that Cirrus Logic, Inc. will post 7.32 EPS for the current year.

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.