Riverhead Capital Management LLC Acquires 2,096 Shares of Cirrus Logic, Inc. (CRUS)
Riverhead Capital Management LLC lifted its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 77.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,796 shares of the semiconductor company’s stock after purchasing an additional 2,096 shares during the period. Riverhead Capital Management LLC’s holdings in Cirrus Logic were worth $301,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Cirrus Logic by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 7,057,091 shares of the semiconductor company’s stock valued at $428,295,000 after purchasing an additional 502,335 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Cirrus Logic by 20,057.8% during the 1st quarter. BlackRock Inc. now owns 6,973,982 shares of the semiconductor company’s stock valued at $423,252,000 after purchasing an additional 6,939,385 shares during the last quarter. LSV Asset Management grew its holdings in shares of Cirrus Logic by 27.3% during the 2nd quarter. LSV Asset Management now owns 2,597,827 shares of the semiconductor company’s stock valued at $162,935,000 after purchasing an additional 557,048 shares during the last quarter. State Street Corp grew its holdings in shares of Cirrus Logic by 5.8% during the 1st quarter. State Street Corp now owns 2,226,243 shares of the semiconductor company’s stock valued at $135,107,000 after purchasing an additional 122,309 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of Cirrus Logic by 103.5% during the 1st quarter. AQR Capital Management LLC now owns 2,015,030 shares of the semiconductor company’s stock valued at $122,292,000 after purchasing an additional 1,024,836 shares during the last quarter. 89.08% of the stock is currently owned by institutional investors.
Shares of Cirrus Logic, Inc. (CRUS) opened at 51.06 on Tuesday. Cirrus Logic, Inc. has a 52 week low of $49.05 and a 52 week high of $71.97. The company has a market cap of $3.26 billion and a price-to-earnings ratio of 11.94. The stock’s 50 day moving average is $56.87 and its 200-day moving average is $61.54.
Cirrus Logic (NASDAQ:CRUS) last announced its earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.15. Cirrus Logic had a net margin of 17.38% and a return on equity of 26.71%. The business had revenue of $320.70 million for the quarter, compared to the consensus estimate of $320.32 million. During the same quarter in the prior year, the firm posted $0.44 earnings per share. The business’s revenue for the quarter was up 23.6% on a year-over-year basis. On average, equities analysts anticipate that Cirrus Logic, Inc. will post $4.74 earnings per share for the current year.
In other news, Director Alan R. Schuele sold 2,000 shares of the stock in a transaction on Monday, August 7th. The shares were sold at an average price of $57.30, for a total value of $114,600.00. Following the sale, the director now owns 14,165 shares of the company’s stock, valued at $811,654.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director William D. Sherman sold 1,378 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $61.84, for a total transaction of $85,215.52. Following the completion of the sale, the director now directly owns 7,307 shares in the company, valued at approximately $451,864.88. The disclosure for this sale can be found here. In the last three months, insiders sold 97,313 shares of company stock worth $5,523,018. Insiders own 1.92% of the company’s stock.
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Several equities analysts recently commented on the stock. BidaskClub lowered shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 2nd. Craig Hallum reaffirmed a “hold” rating on shares of Cirrus Logic in a report on Wednesday, September 13th. Stifel Nicolaus reaffirmed a “buy” rating and set a $75.00 target price on shares of Cirrus Logic in a report on Thursday, August 3rd. Zacks Investment Research raised shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Monday, August 7th. Finally, Pacific Crest reaffirmed an “overweight” rating and set a $75.00 target price on shares of Cirrus Logic in a report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Cirrus Logic has a consensus rating of “Buy” and an average target price of $67.83.
Cirrus Logic 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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