Cim Investment Management Inc. Reduces Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Cim Investment Management Inc. reduced its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 19.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,895 shares of the semiconductor company’s stock after selling 692 shares during the quarter. Cim Investment Management Inc.’s holdings in Cirrus Logic were worth $370,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Atlas Capital Advisors LLC increased its position in shares of Cirrus Logic by 103.0% during the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after purchasing an additional 204 shares in the last quarter. Versant Capital Management Inc grew its stake in Cirrus Logic by 1,911.1% during the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock worth $46,000 after buying an additional 344 shares during the last quarter. GAMMA Investing LLC increased its position in Cirrus Logic by 79.5% during the second 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 period. 1620 Investment Advisors Inc. purchased a new stake in Cirrus Logic in the second quarter valued at approximately $77,000. Finally, Signaturefd LLC boosted its holdings in shares of Cirrus Logic by 19.5% in the second quarter. Signaturefd LLC now owns 999 shares of the semiconductor company’s stock valued at $128,000 after acquiring an additional 163 shares during the period. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Stock Down 0.3 %

Shares of Cirrus Logic stock opened at $121.60 on Friday. The company’s 50-day simple moving average is $132.22 and its 200-day simple moving average is $116.27. Cirrus Logic, Inc. has a 52-week low of $65.02 and a 52-week high of $147.46. The firm has a market cap of $6.49 billion, a price-to-earnings ratio of 24.67 and a beta of 0.97.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.50. The firm had revenue of $374.03 million for 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 quarter in the prior year, the company posted $0.35 earnings per share. Equities research analysts anticipate that Cirrus Logic, Inc. will post 5.26 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CRUS shares. Stifel Nicolaus lifted their target price on shares of Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a report on Thursday, July 18th. KeyCorp lifted their price objective on shares of Cirrus Logic from $155.00 to $165.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. StockNews.com downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 15th. Susquehanna boosted 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, Barclays upped their price objective on Cirrus Logic from $110.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Cirrus Logic presently has an average 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 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 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic stock in a transaction 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 completion of the transaction, the senior vice president now owns 4,838 shares of the company’s stock, valued at approximately $637,212.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Andrew Brannan sold 4,350 shares of the stock in a transaction dated Wednesday, August 14th. The shares were 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 $544,704.16. The disclosure for this sale can be found here. Corporate 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.