Cirrus Logic, Inc. $CRUS Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in Cirrus Logic, Inc. (NASDAQ:CRUS) by 15.3% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 351,409 shares of the semiconductor company’s stock after selling 63,272 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Cirrus Logic were worth $52,195,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its stake in shares of Cirrus Logic by 92.3% during the 1st quarter. Royal Bank of Canada now owns 72,134 shares of the semiconductor company’s stock worth $7,189,000 after acquiring an additional 34,629 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Cirrus Logic by 24.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,320 shares of the semiconductor company’s stock valued at $132,000 after acquiring an additional 263 shares in the last quarter. Focus Partners Wealth purchased a new position in Cirrus Logic in the 1st quarter valued at $361,000. Geneos Wealth Management Inc. lifted its stake in shares of Cirrus Logic by 95.1% in the first quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company’s stock worth $47,000 after buying an additional 232 shares in the last quarter. Finally, Cetera Investment Advisers boosted its holdings in shares of Cirrus Logic by 6.1% during the 2nd quarter. Cetera Investment Advisers now owns 5,116 shares of the semiconductor company’s stock worth $533,000 after purchasing an additional 292 shares during the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRUS has been the subject of a number of analyst reports. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Stifel Nicolaus dropped their price objective on Cirrus Logic from $197.00 to $160.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. KeyCorp cut their target price on Cirrus Logic from $190.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, August 6th. Finally, Wall Street Zen cut shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Five analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $150.71.

Cirrus Logic Price Performance

Shares of NASDAQ CRUS opened at $113.06 on Thursday. Cirrus Logic, Inc. has a 1-year low of $106.26 and a 1-year high of $180.42. The company has a market cap of $5.67 billion, a PE ratio of 13.84 and a beta of 1.16. The stock has a fifty day moving average price of $130.87 and a 200 day moving average price of $146.90.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.81 by $0.03. Cirrus Logic had a net margin of 21.00% and a return on equity of 20.61%. The business had revenue of $459.72 million for the quarter, compared to analyst estimates of $460.32 million. During the same period in the previous year, the business posted $1.51 earnings per share. The business’s revenue was up 12.9% compared to the same quarter last year. Analysts anticipate that Cirrus Logic, Inc. will post 7.32 earnings per share for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Andrew Brannan sold 6,464 shares of the business’s stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $144.71, for a total transaction of $935,405.44. Following the sale, the executive vice president owned 7,203 shares of the company’s stock, valued at $1,042,346.13. The trade was a 47.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 1,166 shares of the company’s stock in a transaction on Thursday, August 20th. The shares were sold at an average price of $117.89, for a total value of $137,459.74. Following the completion of the sale, the executive vice president directly owned 14,073 shares in the company, valued at $1,659,065.97. This trade represents a 7.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 11,424 shares of company stock worth $1,644,091 over the last 90 days. Insiders own 1.20% of the company’s stock.

Cirrus Logic 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.