Oak Associates Ltd. OH Trims Stake in Cirrus Logic, Inc. (CRUS)
Oak Associates Ltd. OH lowered its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 13.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,215 shares of the semiconductor company’s stock after selling 5,835 shares during the quarter. Oak Associates Ltd. OH owned approximately 0.06% of Cirrus Logic worth $2,397,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fortaleza Asset Management Inc. purchased a new stake in shares of Cirrus Logic during the 2nd quarter valued at about $102,000. ETRADE Capital Management LLC purchased a new stake in shares of Cirrus Logic during the 2nd quarter valued at about $201,000. Private Advisor Group LLC purchased a new stake in shares of Cirrus Logic during the 2nd quarter valued at about $215,000. Turner Investments LLC purchased a new stake in shares of Cirrus Logic during the 2nd quarter valued at about $220,000. Finally, Soros Fund Management LLC purchased a new stake in shares of Cirrus Logic during the 1st quarter valued at about $225,000. 89.09% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently commented on CRUS. Zacks Investment Research raised shares of Cirrus Logic from a “hold” rating to a “buy” rating and set a $62.00 price target for the company in a research report on Tuesday, October 3rd. ValuEngine raised shares of Cirrus Logic from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Canaccord Genuity reaffirmed a “buy” rating and set a $76.00 price target on shares of Cirrus Logic in a research report on Tuesday, September 19th. Bank of America Corporation began coverage on shares of Cirrus Logic in a research report on Monday, September 18th. They set an “underperform” rating and a $50.00 price target for the company. Finally, Craig Hallum reaffirmed a “hold” rating on shares of Cirrus Logic in a research report on Wednesday, September 13th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Cirrus Logic currently has a consensus rating of “Buy” and an average price target of $67.69.
Shares of Cirrus Logic, Inc. (CRUS) traded down 1.40% on Monday, hitting $53.72. The company had a trading volume of 273,516 shares. Cirrus Logic, Inc. has a 52 week low of $49.05 and a 52 week high of $71.97. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 12.56 and a beta of 0.01. The stock’s 50-day moving average is $55.38 and its 200 day moving average is $61.11.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.15. The company had revenue of $320.70 million during the quarter, compared to analysts’ expectations of $320.32 million. Cirrus Logic had a return on equity of 26.71% and a net margin of 17.38%. Cirrus Logic’s quarterly revenue was up 23.6% on a year-over-year basis. During the same period last year, the business earned $0.44 earnings per share. Equities analysts expect that Cirrus Logic, Inc. will post $4.74 EPS for the current year.
In other news, Director William D. Sherman sold 1,378 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $61.84, for a total value of $85,215.52. Following the completion of the sale, the director now directly owns 7,307 shares in the company, valued at $451,864.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Thurman K. Case sold 8,610 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $57.35, for a total value of $493,783.50. Following the completion of the sale, the chief financial officer now owns 3,880 shares of the company’s stock, valued at $222,518. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 104,666 shares of company stock valued at $5,914,243. 1.92% of the stock is owned by company 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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