Envestnet Asset Management Inc. Grows Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Envestnet Asset Management Inc. raised its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 5.2% during the second quarter, Holdings Channel reports. The fund owned 102,461 shares of the semiconductor company’s stock after buying an additional 5,051 shares during the period. Envestnet Asset Management Inc.’s holdings in Cirrus Logic were worth $13,080,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Arkadios Wealth Advisors lifted its stake in shares of Cirrus Logic by 2.8% during the 2nd quarter. Arkadios Wealth Advisors now owns 4,413 shares of the semiconductor company’s stock valued at $563,000 after buying an additional 119 shares in the last quarter. Signaturefd LLC raised its stake in shares of Cirrus Logic by 19.5% during the 2nd quarter. Signaturefd LLC now owns 999 shares of the semiconductor company’s stock valued at $128,000 after purchasing an additional 163 shares during the period. Heron Bay Capital Management increased its holdings in Cirrus Logic by 1.6% during the 1st quarter. Heron Bay Capital Management now owns 10,672 shares of the semiconductor company’s stock worth $988,000 after acquiring an additional 169 shares during the period. Atlas Capital Advisors LLC raised its holdings in shares of Cirrus Logic by 103.0% in the 1st quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 204 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Cirrus Logic by 79.5% in the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock worth $61,000 after buying an additional 210 shares during the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Cirrus Logic Stock Down 2.4 %

Shares of CRUS opened at $119.79 on Thursday. Cirrus Logic, Inc. has a 52 week low of $65.02 and a 52 week high of $147.46. The business’s 50 day moving average price is $132.82 and its 200-day moving average price is $116.03. The stock has a market cap of $6.40 billion, a P/E ratio of 24.30 and a beta of 0.97.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 EPS for the quarter, topping the consensus estimate of $0.62 by $0.50. The company had revenue of $374.03 million during the quarter, compared to the consensus estimate of $318.41 million. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. Cirrus Logic’s revenue for the quarter was up 18.0% on a year-over-year basis. During the same period last year, the company earned $0.35 EPS. On average, equities analysts anticipate that Cirrus Logic, Inc. will post 5.26 EPS for the current year.

Insider Transactions at Cirrus Logic

In other Cirrus Logic news, VP Andrew Brannan sold 4,350 shares of the business’s stock in a transaction dated 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 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 available at the SEC website. In related news, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic 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 sale, the senior vice president now owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the vice president now owns 4,004 shares of the company’s stock, valued at approximately $544,704.16. The disclosure for this sale can be found here. Company insiders own 1.02% of the company’s stock.

Cirrus Logic Company 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.