Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Sold by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC lowered its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 48.8% in the second quarter, HoldingsChannel.com reports. The fund owned 58,451 shares of the semiconductor company’s stock after selling 55,669 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Cirrus Logic were worth $7,462,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of CRUS. Vanguard Group Inc. lifted its holdings 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 worth $588,977,000 after purchasing an additional 128,393 shares during the period. Sei Investments Co. lifted its stake in Cirrus Logic by 30.8% during the 4th quarter. Sei Investments Co. now owns 653,998 shares of the semiconductor company’s stock valued at $54,406,000 after acquiring an additional 153,946 shares during the period. Kodai Capital Management LP purchased a new stake in shares of Cirrus Logic in the 4th quarter valued at $27,072,000. Balyasny Asset Management L.P. increased 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 purchased a new position in shares of Cirrus Logic during the fourth quarter worth $1,430,000. 87.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic 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 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 filing with the SEC, which is available at the SEC website. In other news, VP Andrew Brannan sold 4,350 shares of the firm’s stock in a transaction dated 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 directly 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 is accessible through this link. Also, SVP Justin E. Dougherty sold 10,203 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now directly owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. The disclosure for this sale can be found here. 1.02% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

Cirrus Logic Stock Up 1.8 %

CRUS stock opened at $121.91 on Friday. Cirrus Logic, Inc. has a 52 week low of $65.02 and a 52 week high of $147.46. The firm has a 50-day simple moving average of $132.49 and a 200-day simple moving average of $116.07. The stock has a market capitalization of $6.51 billion, a P/E ratio of 24.73 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, topping the consensus estimate of $0.62 by $0.50. The company had revenue of $374.03 million during the quarter, compared to analyst estimates of $318.41 million. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. Cirrus Logic’s quarterly revenue was up 18.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.35 EPS. On average, analysts expect that Cirrus Logic, Inc. will post 5.26 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.