Meeder Asset Management Inc. raised its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 210.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,525 shares of the semiconductor company’s stock after purchasing an additional 1,034 shares during the quarter. Meeder Asset Management Inc.’s holdings in Cirrus Logic were worth $67,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Trexquant Investment LP raised its holdings in shares of Cirrus Logic by 295.4% in the 1st quarter. Trexquant Investment LP now owns 30,851 shares of the semiconductor company’s stock worth $1,298,000 after purchasing an additional 23,048 shares during the period. Strs Ohio raised its holdings in shares of Cirrus Logic by 1,068.0% during the 1st quarter. Strs Ohio now owns 29,200 shares of the semiconductor company’s stock valued at $1,228,000 after buying an additional 26,700 shares during the period. Texas Permanent School Fund raised its holdings in shares of Cirrus Logic by 2.5% during the 1st quarter. Texas Permanent School Fund now owns 40,156 shares of the semiconductor company’s stock valued at $1,689,000 after buying an additional 995 shares during the period. Acadian Asset Management LLC raised its holdings in shares of Cirrus Logic by 406.6% during the 1st quarter. Acadian Asset Management LLC now owns 42,206 shares of the semiconductor company’s stock valued at $1,776,000 after buying an additional 33,875 shares during the period. Finally, Aperio Group LLC raised its holdings in shares of Cirrus Logic by 15.6% during the 2nd quarter. Aperio Group LLC now owns 45,083 shares of the semiconductor company’s stock valued at $1,970,000 after buying an additional 6,084 shares during the period. Institutional investors own 85.34% of the company’s stock.
Several brokerages recently commented on CRUS. Cowen reiterated a “market perform” rating and set a $56.00 target price (up from $48.00) on shares of Cirrus Logic in a report on Thursday, August 1st. BidaskClub downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday. MKM Partners raised their target price on Cirrus Logic to $55.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. Bank of America reiterated an “underperform” rating and set a $46.00 target price (up from $40.00) on shares of Cirrus Logic in a report on Thursday, August 1st. Finally, Zacks Investment Research upgraded Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $56.00 target price on the stock in a report on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $50.13.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings data on Wednesday, July 31st. The semiconductor company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.21. The firm had revenue of $238.25 million during the quarter, compared to analyst estimates of $221.08 million. Cirrus Logic had a return on equity of 10.96% and a net margin of 8.46%. Cirrus Logic’s quarterly revenue was down 6.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.28 EPS. On average, analysts anticipate that Cirrus Logic, Inc. will post 1.98 earnings per share for the current year.
In other news, Director Timothy R. Dehne sold 4,583 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $53.15, for a total value of $243,586.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Bradley J. Fluke sold 8,000 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $42.77, for a total value of $342,160.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 166,248 shares of company stock valued at $8,651,159. Insiders own 2.79% of the company’s stock.
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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