Renaissance Technologies LLC Acquires 5,000 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Renaissance Technologies LLC raised its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 4.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 127,820 shares of the semiconductor company’s stock after acquiring an additional 5,000 shares during the period. Renaissance Technologies LLC’s holdings in Cirrus Logic were worth $16,318,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Cirrus Logic by 2.1% during the first quarter. Vanguard Group Inc. now owns 6,363,188 shares of the semiconductor company’s stock valued at $588,977,000 after purchasing an additional 128,393 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Cirrus Logic by 30.8% during the fourth quarter. Sei Investments Co. now owns 653,998 shares of the semiconductor company’s stock valued at $54,406,000 after purchasing an additional 153,946 shares in the last quarter. Kodai Capital Management LP acquired a new stake in shares of Cirrus Logic during the fourth quarter valued at about $27,072,000. Balyasny Asset Management L.P. lifted its stake in shares of Cirrus Logic by 307.2% in the fourth quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock worth $58,777,000 after acquiring an additional 533,019 shares during the period. Finally, Nebula Research & Development LLC acquired a new position in shares of Cirrus Logic in the fourth quarter worth approximately $1,430,000. Institutional investors own 87.96% of the company’s stock.

Insider Buying and Selling

In related news, VP Andrew Brannan sold 4,350 shares of the company’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 completion of the sale, 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 available at this link. In other Cirrus Logic 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 value of $591,774.00. Following the transaction, the vice president now owns 4,004 shares of the company’s stock, valued at $544,704.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Justin E. Dougherty sold 10,203 shares of the business’s stock in a transaction on 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 completion of the transaction, 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. 1.02% of the stock is currently owned by corporate insiders.

Cirrus Logic Stock Down 1.6 %

NASDAQ CRUS opened at $123.11 on Friday. The company has a market cap of $6.58 billion, a price-to-earnings ratio of 24.97 and a beta of 0.97. Cirrus Logic, Inc. has a 52 week low of $65.02 and a 52 week high of $147.46. The business has a 50 day moving average price of $133.91 and a 200-day moving average price of $115.41.

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

Analysts Set New Price Targets

A number of research firms recently commented on CRUS. KeyCorp lifted their price objective on Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. StockNews.com lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 15th. Barclays lifted their target price on Cirrus Logic from $110.00 to $140.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Stifel Nicolaus lifted 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. Finally, Susquehanna lifted their target price on Cirrus Logic from $120.00 to $175.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Cirrus Logic has a consensus rating of “Moderate Buy” and an average target price of $143.33.

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.