Optas LLC Cuts Stock Position in Cirrus Logic, Inc. $CRUS

Optas LLC decreased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 48.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 4,126 shares of the semiconductor company’s stock after selling 3,904 shares during the period. Optas LLC’s holdings in Cirrus Logic were worth $597,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in CRUS. Norges Bank purchased a new stake in Cirrus Logic in the 4th quarter worth $69,674,000. Invesco Ltd. raised its position in Cirrus Logic by 133.6% during the fourth quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock worth $76,136,000 after acquiring an additional 367,488 shares during the period. Vaughan Nelson Investment Management L.P. lifted its holdings in Cirrus Logic by 546.3% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock valued at $46,005,000 after purchasing an additional 328,159 shares in the last quarter. Defiance ETFs LLC purchased a new position in Cirrus Logic during the fourth quarter valued at $38,050,000. Finally, Allianz Asset Management GmbH grew its position in shares of Cirrus Logic by 33.5% in the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock valued at $127,224,000 after purchasing an additional 269,391 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Insider Buying and Selling

In other news, EVP Justin E. Dougherty sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $166.50, for a total value of $333,000.00. Following the completion of the sale, the executive vice president directly owned 4,537 shares in the company, valued at $755,410.50. This represents a 30.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total value of $159,000.00. Following the completion of the sale, the director directly owned 20,531 shares of the company’s stock, valued at approximately $3,264,429. This represents a 4.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 32,241 shares of company stock worth $5,173,460 in the last 90 days. Corporate insiders own 1.20% of the company’s stock.

Wall Street Analysts Forecast Growth

CRUS has been the subject of a number of research reports. Barclays boosted their target price on shares of Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 7th. Stifel Nicolaus set a $197.00 price objective on Cirrus Logic in a report on Thursday, May 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research note on Wednesday, June 24th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, Jefferies Financial Group upgraded Cirrus Logic to a “buy” rating in a research report on Thursday, June 4th. Five investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Cirrus Logic has a consensus rating of “Moderate Buy” and an average price target of $161.71.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $146.24 on Friday. The company has a fifty day simple moving average of $164.19 and a 200-day simple moving average of $146.19. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 18.65 and a beta of 1.17. Cirrus Logic, Inc. has a 52-week low of $92.02 and a 52-week high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, topping the consensus estimate of $1.76 by $0.19. The firm had revenue of $448.52 million for the quarter, compared to the consensus estimate of $442.25 million. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. During the same period last year, the firm posted $1.67 earnings per share. On average, research analysts anticipate that Cirrus Logic, Inc. will post 8.05 EPS for the current fiscal year.

Cirrus Logic Company 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.