Cirrus Logic, Inc. $CRUS Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC reduced its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 56.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,559 shares of the semiconductor company’s stock after selling 7,334 shares during the quarter. Hsbc Holdings PLC’s holdings in Cirrus Logic were worth $663,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its position in Cirrus Logic by 7,333.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 220 shares during the last quarter. Kohmann Bosshard Financial Services LLC purchased a new position in Cirrus Logic during the 4th quarter worth $33,000. Torren Management LLC purchased a new position in Cirrus Logic during the 4th quarter worth $35,000. Kestra Advisory Services LLC acquired a new stake in shares of Cirrus Logic in the 4th quarter worth $36,000. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Cirrus Logic by 29.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock worth $46,000 after acquiring an additional 88 shares during the period. Institutional investors and hedge funds own 87.96% of the company’s stock.

Insider Transactions at Cirrus Logic

In related news, EVP Justin E. Dougherty sold 2,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $755,410.50. This represents a 30.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Scott Thomas sold 1,300 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total value of $234,052.00. Following the transaction, the executive vice president owned 31,048 shares in the company, valued at $5,589,881.92. This trade represents a 4.02% decrease in their ownership of the stock. 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 22,299 shares of company stock valued at $3,581,647. Corporate insiders own 1.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a report on Thursday, May 7th. KeyCorp decreased their price target on Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating on the stock in a research note on Tuesday. Zacks Research lowered Cirrus Logic from a “strong-buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, Barclays increased their price objective on Cirrus Logic from $120.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 7th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $160.29.

Cirrus Logic Price Performance

Cirrus Logic stock opened at $139.07 on Thursday. Cirrus Logic, Inc. has a 12-month low of $92.02 and a 12-month high of $180.42. The stock has a market capitalization of $7.02 billion, a P/E ratio of 17.74 and a beta of 1.17. The firm’s 50-day moving average is $160.71 and its two-hundred day moving average is $147.76.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. The business had revenue of $448.52 million during the quarter, compared to analyst estimates 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 was up 5.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.67 earnings per share. As a group, analysts forecast that Cirrus Logic, Inc. will post 8.05 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.