AQR Capital Management LLC Increases Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

AQR Capital Management LLC boosted its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS) by 32.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 462,827 shares of the semiconductor company’s stock after buying an additional 113,694 shares during the period. AQR Capital Management LLC’s holdings in Cirrus Logic were worth $59,084,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wells Fargo & Company MN grew its position in shares of Cirrus Logic by 2.8% in the fourth quarter. Wells Fargo & Company MN now owns 80,723 shares of the semiconductor company’s stock valued at $6,715,000 after purchasing an additional 2,191 shares in the last quarter. Franklin Resources Inc. increased its position 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 buying an additional 3,342 shares during the period. Hsbc Holdings PLC lifted 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 worth $5,819,000 after buying an additional 22,498 shares in the last quarter. Allianz Asset Management GmbH boosted its position in shares of Cirrus Logic by 3.5% in the fourth quarter. Allianz Asset Management GmbH now owns 100,879 shares of the semiconductor company’s stock valued at $8,392,000 after acquiring an additional 3,413 shares during the period. Finally, Treasurer of the State of North Carolina grew its stake in Cirrus Logic by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 24,481 shares of the semiconductor company’s stock valued at $2,037,000 after acquiring an additional 240 shares in the last quarter. Institutional investors own 87.96% of the company’s stock.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, SVP Justin E. Dougherty sold 10,203 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $131.71, for a total value of $1,343,837.13. Following the completion of the sale, the senior vice president now directly owns 4,838 shares in the company, valued at $637,212.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Andrew Brannan sold 4,350 shares of the company’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 sale, the vice president now directly owns 4,004 shares of the company’s stock, valued at approximately $544,704.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Justin E. Dougherty sold 10,203 shares of the stock in a transaction dated 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 $637,212.98. The disclosure for this sale can be found here. 1.02% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on CRUS. Susquehanna increased their target price on shares of Cirrus Logic from $120.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, July 17th. Barclays lifted 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. StockNews.com lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 15th. Stifel Nicolaus boosted 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. Finally, KeyCorp upped their price objective on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research 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 company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $143.33.

Cirrus Logic Trading Down 0.3 %

Shares of NASDAQ:CRUS opened at $121.60 on Friday. The company has a 50-day moving average price of $132.22 and a 200-day moving average price of $116.27. The company has a market cap of $6.49 billion, a price-to-earnings ratio of 24.67 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 quarterly earnings results on Tuesday, August 6th. The semiconductor company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates 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%. The firm’s revenue was up 18.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.35 earnings per share. As a group, research analysts forecast that Cirrus Logic, Inc. will post 5.26 EPS for the current fiscal 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.