Earnest Partners LLC Boosts Position in Cirrus Logic, Inc. $CRUS

Earnest Partners LLC raised its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 0.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,348,710 shares of the semiconductor company’s stock after buying an additional 10,750 shares during the period. Earnest Partners LLC owned about 2.64% of Cirrus Logic worth $168,980,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Cirrus Logic in the 2nd quarter valued at $39,000. Abich Financial Wealth Management LLC acquired a new position in shares of Cirrus Logic during the 3rd quarter valued at $46,000. Geneos Wealth Management Inc. boosted its position in Cirrus Logic by 95.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 232 shares during the period. Rothschild Investment LLC acquired a new stake in Cirrus Logic in the 3rd quarter valued at $48,000. Finally, SJS Investment Consulting Inc. increased its holdings in Cirrus Logic by 2,406.3% in the 3rd quarter. SJS Investment Consulting Inc. now owns 401 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 385 shares in the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CRUS has been the topic of a number of recent research reports. Loop Capital cut Cirrus Logic from a “buy” rating to a “hold” rating and set a $130.00 price objective on the stock. in a research note on Monday, February 2nd. Benchmark increased their target price on Cirrus Logic from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, February 4th. Stifel Nicolaus raised their target price on Cirrus Logic from $150.00 to $163.00 and gave the company a “buy” rating in a report on Wednesday, February 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research report on Monday, December 29th. Finally, Barclays upped their price target on Cirrus Logic from $110.00 to $120.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $146.86.

Cirrus Logic Price Performance

Shares of CRUS stock opened at $133.71 on Friday. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $146.88. The firm has a market capitalization of $6.82 billion, a P/E ratio of 17.62 and a beta of 1.12. The company’s fifty day moving average price is $133.60 and its two-hundred day moving average price is $125.97.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, February 3rd. The semiconductor company reported $2.97 earnings per share for the quarter, beating the consensus estimate of $2.37 by $0.60. Cirrus Logic had a return on equity of 20.41% and a net margin of 20.47%.The company had revenue of $580.62 million during the quarter, compared to the consensus estimate of $531.43 million. During the same period last year, the firm earned $2.51 earnings per share. The company’s revenue was up 4.5% on a year-over-year basis. On average, sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, EVP Scott Thomas sold 3,239 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $141.63, for a total value of $458,739.57. Following the transaction, the executive vice president directly owned 30,393 shares of the company’s stock, valued at $4,304,560.59. This represents a 9.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO John Forsyth sold 21,806 shares of the stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $135.15, for a total value of $2,947,080.90. Following the transaction, the chief executive officer owned 50,723 shares of the company’s stock, valued at approximately $6,855,213.45. This trade represents a 30.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 28,045 shares of company stock valued at $3,835,300. Insiders own 1.16% of the company’s stock.

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.