Pacer Advisors Inc. Sells 47,692 Shares of Cirrus Logic, Inc. $CRUS

Pacer Advisors Inc. lessened its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 20.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 184,925 shares of the semiconductor company’s stock after selling 47,692 shares during the period. Pacer Advisors Inc.’s holdings in Cirrus Logic were worth $23,169,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRUS. Inspire Investing LLC lifted its position in Cirrus Logic by 186.9% during the 3rd quarter. Inspire Investing LLC now owns 13,241 shares of the semiconductor company’s stock valued at $1,659,000 after acquiring an additional 8,625 shares during the period. Optas LLC bought a new position in shares of Cirrus Logic during the third quarter valued at approximately $252,000. Farther Finance Advisors LLC increased its stake in shares of Cirrus Logic by 6.6% during the third quarter. Farther Finance Advisors LLC now owns 2,992 shares of the semiconductor company’s stock valued at $375,000 after purchasing an additional 186 shares in the last quarter. Somerset Trust Co lifted its holdings in shares of Cirrus Logic by 8.2% during the third quarter. Somerset Trust Co now owns 3,561 shares of the semiconductor company’s stock valued at $446,000 after purchasing an additional 269 shares during the last quarter. Finally, Brighton Jones LLC boosted its position in shares of Cirrus Logic by 22.8% in the 3rd quarter. Brighton Jones LLC now owns 3,237 shares of the semiconductor company’s stock worth $406,000 after purchasing an additional 601 shares in the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Andrew Brannan sold 8,913 shares of Cirrus Logic stock in a transaction on Friday, November 14th. The stock was sold at an average price of $119.06, for a total value of $1,061,181.78. Following the completion of the sale, the executive vice president owned 5,950 shares of the company’s stock, valued at $708,407. The trade was a 59.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott Thomas sold 734 shares of the company’s stock in a transaction on Monday, October 20th. The shares were sold at an average price of $131.25, for a total value of $96,337.50. Following the sale, the executive vice president owned 26,307 shares of the company’s stock, valued at approximately $3,452,793.75. This trade represents a 2.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CRUS shares. Barclays raised their price objective on Cirrus Logic from $90.00 to $95.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 5th. Benchmark raised their price target on Cirrus Logic from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. KeyCorp upped their price target on shares of Cirrus Logic from $135.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Stifel Nicolaus increased their price objective on shares of Cirrus Logic from $140.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, November 5th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Cirrus Logic in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $141.67.

Cirrus Logic Stock Performance

NASDAQ CRUS opened at $120.87 on Friday. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $136.92. The stock has a 50-day moving average of $122.97 and a 200 day moving average of $115.85. The company has a market capitalization of $6.17 billion, a price-to-earnings ratio of 17.17 and a beta of 1.08.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings results on Tuesday, November 4th. The semiconductor company reported $2.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.51. Cirrus Logic had a net margin of 19.48% and a return on equity of 19.59%. The firm had revenue of $560.96 million for the quarter, compared to the consensus estimate of $540.45 million. During the same quarter last year, the firm posted $2.25 EPS. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. On average, equities analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company’s product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.