Edgestream Partners L.P. Has $2.65 Million Stock Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Edgestream Partners L.P. grew its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 64.7% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 20,752 shares of the semiconductor company’s stock after purchasing an additional 8,152 shares during the period. Edgestream Partners L.P.’s holdings in Cirrus Logic were worth $2,649,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC increased its position in Cirrus Logic by 4.1% in the second quarter. Renaissance Technologies LLC now owns 127,820 shares of the semiconductor company’s stock worth $16,318,000 after purchasing an additional 5,000 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Cirrus Logic by 10.1% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 25,593 shares of the semiconductor company’s stock valued at $3,267,000 after purchasing an additional 2,353 shares during the last quarter. Oak Associates Ltd. OH grew its position in shares of Cirrus Logic by 0.4% during the 2nd quarter. Oak Associates Ltd. OH now owns 34,176 shares of the semiconductor company’s stock worth $4,363,000 after buying an additional 134 shares during the period. Inspire Advisors LLC raised its stake in shares of Cirrus Logic by 177.8% during the second quarter. Inspire Advisors LLC now owns 32,331 shares of the semiconductor company’s stock worth $4,127,000 after buying an additional 20,694 shares during the last quarter. Finally, Envestnet Asset Management Inc. lifted its holdings in Cirrus Logic by 5.2% in the second quarter. Envestnet Asset Management Inc. now owns 102,461 shares of the semiconductor company’s stock valued at $13,080,000 after buying an additional 5,051 shares during the period. Institutional investors own 87.96% of the company’s stock.

Analyst Upgrades and Downgrades

CRUS has been the subject of several recent research reports. StockNews.com cut shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 15th. Barclays upped their price objective on Cirrus Logic from $110.00 to $140.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Stifel Nicolaus raised their target price on Cirrus Logic from $110.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, July 18th. KeyCorp upped their price target on Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, Susquehanna lifted their price objective on shares of Cirrus Logic from $120.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Cirrus Logic currently has a consensus rating of “Moderate Buy” and an average price target of $143.33.

Insider Transactions at Cirrus Logic

In related news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $136.04, for a total value of $591,774.00. Following the sale, the vice president now owns 4,004 shares of the company’s stock, valued at approximately $544,704.16. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, VP Andrew Brannan sold 4,350 shares of the stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total transaction of $591,774.00. Following the completion of the transaction, the vice president now owns 4,004 shares in the company, valued at $544,704.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic stock in a transaction on Friday, August 9th. The shares were sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the completion of the sale, the senior vice president now owns 4,838 shares in the company, valued at $637,212.98. The disclosure for this sale can be found here. 1.02% of the stock is owned by insiders.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $122.84 on Thursday. Cirrus Logic, Inc. has a 52 week low of $65.02 and a 52 week high of $147.46. The company’s 50 day moving average price is $134.67 and its two-hundred day moving average price is $114.88. The company has a market capitalization of $6.57 billion, a P/E ratio of 24.92 and a beta of 0.97.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 EPS for the quarter, beating the consensus estimate of $0.62 by $0.50. The business had revenue of $374.03 million for the quarter, compared to analysts’ expectations of $318.41 million. Cirrus Logic had a net margin of 16.31% and a return on equity of 17.42%. The firm’s revenue was up 18.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.35 EPS. Analysts forecast that Cirrus Logic, Inc. will post 5.35 earnings per share for the current year.

About Cirrus Logic

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.