Intech Investment Management LLC Acquires 9,499 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Intech Investment Management LLC grew its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 257.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,189 shares of the semiconductor company’s stock after purchasing an additional 9,499 shares during the period. Intech Investment Management LLC’s holdings in Cirrus Logic were worth $1,684,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Quadrant Capital Group LLC boosted its position in Cirrus Logic by 72.3% in the fourth quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 214 shares in the last quarter. Norges Bank bought a new stake in shares of Cirrus Logic during the fourth quarter worth $51,890,000. Wells Fargo & Company MN lifted its position in shares of Cirrus Logic by 2.8% during the fourth quarter. Wells Fargo & Company MN now owns 80,723 shares of the semiconductor company’s stock worth $6,715,000 after purchasing an additional 2,191 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Cirrus Logic by 6.4% during the fourth quarter. Franklin Resources Inc. now owns 55,570 shares of the semiconductor company’s stock valued at $4,623,000 after purchasing an additional 3,342 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of Cirrus Logic by 47.7% in the fourth quarter. Hsbc Holdings PLC now owns 69,620 shares of the semiconductor company’s stock valued at $5,819,000 after purchasing an additional 22,498 shares in the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Transactions at Cirrus Logic

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

Cirrus Logic Trading Up 1.0 %

CRUS opened at $124.33 on Tuesday. The firm’s fifty day simple moving average is $133.60 and its 200 day simple moving average is $115.79. The stock has a market capitalization of $6.65 billion, a P/E ratio of 25.22 and a beta of 0.97. Cirrus Logic, Inc. has a 12 month low of $65.02 and a 12 month high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (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 business had revenue of $374.03 million for the quarter, compared to analyst estimates of $318.41 million. During the same quarter last year, the firm earned $0.35 EPS. Cirrus Logic’s revenue for the quarter was up 18.0% compared to the same quarter last year. On average, equities research analysts predict that Cirrus Logic, Inc. will post 5.35 EPS 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.