Victory Capital Management Inc. Sells 9,929 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Victory Capital Management Inc. cut its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 37.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,825 shares of the semiconductor company’s stock after selling 9,929 shares during the period. Victory Capital Management Inc.’s holdings in Cirrus Logic were worth $2,148,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRUS. Natixis Advisors LLC boosted its stake in Cirrus Logic by 17.3% during the 2nd quarter. Natixis Advisors LLC now owns 90,927 shares of the semiconductor company’s stock valued at $11,608,000 after purchasing an additional 13,400 shares during the last quarter. Picton Mahoney Asset Management bought a new stake in Cirrus Logic during the second quarter worth $204,000. Van ECK Associates Corp grew its holdings in Cirrus Logic by 17.3% during the second quarter. Van ECK Associates Corp now owns 23,476 shares of the semiconductor company’s stock worth $2,997,000 after buying an additional 3,461 shares in the last quarter. Cutter & CO Brokerage Inc. purchased a new stake in Cirrus Logic in the 2nd quarter valued at $289,000. Finally, Commonwealth Equity Services LLC bought a new position in Cirrus Logic during the 2nd quarter valued at $294,000. 87.96% of the stock is owned by institutional investors.

Insider Buying and Selling at Cirrus Logic

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

Analyst Upgrades and Downgrades

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

Cirrus Logic Trading Down 1.1 %

Cirrus Logic stock opened at $123.80 on Wednesday. The business’s 50 day simple moving average is $134.90 and its 200 day simple moving average is $114.67. Cirrus Logic, Inc. has a 12 month low of $65.02 and a 12 month high of $147.46. The company has a market cap of $6.62 billion, a price-to-earnings ratio of 25.11 and a beta of 0.97.

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

Cirrus Logic Profile

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.