Pacer Advisors Inc. Cuts Position in Cirrus Logic, Inc. $CRUS

Pacer Advisors Inc. trimmed its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 2.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 409,281 shares of the semiconductor company’s stock after selling 12,145 shares during the period. Pacer Advisors Inc. owned approximately 0.81% of Cirrus Logic worth $59,190,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Parallel Advisors LLC raised its holdings in shares of Cirrus Logic by 16.3% in the 1st quarter. Parallel Advisors LLC now owns 1,591 shares of the semiconductor company’s stock valued at $230,000 after buying an additional 223 shares during the period. Leigh Baldwin & CO. LLC purchased a new position in Cirrus Logic during the 1st quarter valued at about $223,000. Cim Investment Management Inc. grew its position in Cirrus Logic by 35.0% in the 1st quarter. Cim Investment Management Inc. now owns 3,689 shares of the semiconductor company’s stock valued at $534,000 after acquiring an additional 957 shares in the last quarter. Amundi grew its position in Cirrus Logic by 42.0% in the 1st quarter. Amundi now owns 120,738 shares of the semiconductor company’s stock valued at $17,461,000 after acquiring an additional 35,693 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Cirrus Logic by 19.2% during the first quarter. EverSource Wealth Advisors LLC now owns 1,443 shares of the semiconductor company’s stock worth $209,000 after purchasing an additional 232 shares during the period. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $144.71, for a total value of $935,405.44. Following the completion of the sale, the executive vice president owned 7,203 shares in the company, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Justin E. Dougherty sold 2,000 shares of the firm’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 transaction of $333,000.00. Following the transaction, the executive vice president owned 4,537 shares in the company, valued at approximately $755,410.50. This trade represents a 30.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 23,465 shares of company stock valued at $3,743,219 over the last 90 days. 1.20% of the stock is owned by insiders.

Cirrus Logic Stock Down 1.6%

Shares of Cirrus Logic stock opened at $127.33 on Tuesday. Cirrus Logic, Inc. has a 52-week low of $92.02 and a 52-week high of $180.42. The company has a market capitalization of $6.42 billion, a P/E ratio of 16.24 and a beta of 1.18. The company has a 50 day moving average of $152.38 and a 200 day moving average of $149.05.

Cirrus Logic (NASDAQ:CRUS) last announced 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. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The business had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.25 million. During the same period last year, the business earned $1.67 EPS. The company’s revenue was up 5.7% on a year-over-year basis. As a group, research analysts anticipate that Cirrus Logic, Inc. will post 7.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Zacks Research lowered shares of Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic in a report on Thursday, May 7th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Jefferies Financial Group upgraded shares of Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Finally, KeyCorp cut their price objective on Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 14th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $160.29.

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.