Wells Fargo & Company MN Has $11,821,000 Position in Cirrus Logic Inc. (CRUS)
Wells Fargo & Company MN cut its position in shares of Cirrus Logic Inc. (NASDAQ:CRUS) by 63.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 222,389 shares of the company’s stock after selling 383,930 shares during the period. Wells Fargo & Company MN’s holdings in Cirrus Logic were worth $11,821,000 at the end of the most recent reporting period.
A number of other large investors have also recently modified their holdings of CRUS. Essex Investment Management Co. LLC purchased a new stake in shares of Cirrus Logic during the second quarter worth $910,000. Artemis Investment Management LLP purchased a new stake in shares of Cirrus Logic during the second quarter worth $15,251,000. Boston Advisors LLC boosted its stake in shares of Cirrus Logic by 0.7% in the second quarter. Boston Advisors LLC now owns 17,625 shares of the company’s stock worth $684,000 after buying an additional 115 shares in the last quarter. Strs Ohio boosted its stake in shares of Cirrus Logic by 22.0% in the second quarter. Strs Ohio now owns 7,200 shares of the company’s stock worth $279,000 after buying an additional 1,300 shares in the last quarter. Finally, Adams Diversified Equity Fund Inc. purchased a new stake in shares of Cirrus Logic during the second quarter worth $353,000. Institutional investors own 88.53% of the company’s stock.
Shares of Cirrus Logic Inc. (NASDAQ:CRUS) traded down 1.54% on Wednesday, hitting $56.40. The stock had a trading volume of 460,754 shares. The company’s 50-day moving average price is $54.88 and its 200 day moving average price is $47.11. Cirrus Logic Inc. has a 12-month low of $25.09 and a 12-month high of $59.50. The firm has a market cap of $3.59 billion, a P/E ratio of 24.87 and a beta of 0.29.
Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Thursday, October 27th. The company reported $1.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.30. Cirrus Logic had a return on equity of 18.83% and a net margin of 11.78%. The business earned $428.62 million during the quarter, compared to the consensus estimate of $396.75 million. During the same period in the previous year, the business earned $0.65 EPS. The business’s quarterly revenue was up 39.7% on a year-over-year basis. On average, equities research analysts forecast that Cirrus Logic Inc. will post $4.10 earnings per share for the current fiscal year.
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A number of brokerages have weighed in on CRUS. Craig Hallum began coverage on Cirrus Logic in a research note on Monday, November 21st. They issued a “hold” rating and a $60.00 price objective for the company. Oppenheimer Holdings Inc. reiterated an “outperform” rating and issued a $60.00 price objective (up previously from $50.00) on shares of Cirrus Logic in a research note on Sunday, October 30th. Canaccord Genuity boosted their price objective on Cirrus Logic from $56.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday, September 20th. Zacks Investment Research upgraded Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $63.00 price target for the company in a research note on Wednesday, November 2nd. Finally, Stifel Nicolaus increased their price target on Cirrus Logic from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, October 13th. Three equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $54.36.
In related news, CEO Jason P. Rhode sold 90,156 shares of the company’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $48.57, for a total transaction of $4,378,876.92. Following the completion of the transaction, the chief executive officer now directly owns 179,680 shares in the company, valued at approximately $8,727,057.60. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Alan R. Schuele sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $54.53, for a total value of $545,300.00. Following the transaction, the director now owns 30,609 shares of the company’s stock, valued at $1,669,108.77. The disclosure for this sale can be found here. 3.10% of the stock is owned by insiders.
Cirrus Logic Company Profile
Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.
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