Renaissance Technologies LLC Has $32.76 Million Stake in Cirrus Logic, Inc. $CRUS

Renaissance Technologies LLC lifted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 49.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 226,520 shares of the semiconductor company’s stock after buying an additional 74,477 shares during the period. Renaissance Technologies LLC’s holdings in Cirrus Logic were worth $32,759,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Geneos Wealth Management Inc. raised its holdings in Cirrus Logic by 120.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after acquiring an additional 120 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 220 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth $33,000. Torren Management LLC bought a new position in shares of Cirrus Logic in the fourth quarter worth $35,000. Finally, Kestra Advisory Services LLC bought a new position in shares of Cirrus Logic in the fourth quarter worth $36,000. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Stock Performance

NASDAQ CRUS opened at $136.16 on Wednesday. The firm’s fifty day moving average price is $155.42 and its two-hundred day moving average price is $148.82. The stock has a market cap of $6.87 billion, a PE ratio of 17.37 and a beta of 1.17. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The company had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.25 million. During the same period in the prior year, the business earned $1.67 earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, sell-side analysts predict that Cirrus Logic, Inc. will post 7.86 earnings per share for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Justin E. Dougherty sold 2,000 shares of Cirrus Logic 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 sale, the executive vice president directly owned 4,537 shares of the company’s stock, valued at approximately $755,410.50. This trade represents a 30.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total value of $159,000.00. Following the sale, the director owned 20,531 shares in the company, valued at approximately $3,264,429. This trade represents a 4.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 23,465 shares of company stock worth $3,743,219 over the last three months. 1.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Zacks Research cut shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 27th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a report on Thursday, May 7th. Finally, Barclays increased their price target on shares of 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 investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $160.29.

About Cirrus Logic

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.