QRG Capital Management Inc. Makes New $1 Million Investment in Cirrus Logic, Inc. $CRUS

QRG Capital Management Inc. bought a new position in Cirrus Logic, Inc. (NASDAQ:CRUS) in the first quarter, HoldingsChannel.com reports. The firm bought 6,912 shares of the semiconductor company’s stock, valued at approximately $1,000,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Cirrus Logic in the 4th quarter valued at approximately $69,674,000. Invesco Ltd. boosted its position in Cirrus Logic by 133.6% during the 4th quarter. Invesco Ltd. now owns 642,501 shares of the semiconductor company’s stock worth $76,136,000 after acquiring an additional 367,488 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in shares of Cirrus Logic by 546.3% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company’s stock worth $46,005,000 after acquiring an additional 328,159 shares in the last quarter. Defiance ETFs LLC acquired a new stake in shares of Cirrus Logic in the fourth quarter valued at approximately $38,050,000. Finally, Allianz Asset Management GmbH raised its holdings in shares of Cirrus Logic by 33.5% in the fourth quarter. Allianz Asset Management GmbH now owns 1,073,623 shares of the semiconductor company’s stock valued at $127,224,000 after purchasing an additional 269,391 shares during the last quarter. Institutional investors own 87.96% of the company’s stock.

Insiders Place Their Bets

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 1,458 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $145.97, for a total transaction of $212,824.26. Following the completion of the sale, the executive vice president owned 16,405 shares of the company’s stock, valued at $2,394,637.85. This trade represents a 8.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Scott Thomas sold 1,300 shares of Cirrus Logic stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $180.04, for a total transaction of $234,052.00. Following the transaction, the executive vice president directly owned 31,048 shares of the company’s stock, valued at approximately $5,589,881.92. This trade represents a 4.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 22,299 shares of company stock worth $3,581,647 in the last quarter. Company insiders own 1.20% of the company’s stock.

Analyst Ratings Changes

CRUS has been the subject of several analyst reports. Barclays raised their price objective on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. KeyCorp increased their price target on Cirrus Logic from $175.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a research report on Thursday, May 7th. Zacks Research cut Cirrus Logic from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 27th. Finally, Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a report on Thursday, June 4th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $161.71.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $146.79 on Thursday. The stock has a 50-day simple moving average of $162.68 and a 200 day simple moving average of $146.93. The stock has a market capitalization of $7.41 billion, a P/E ratio of 18.72 and a beta of 1.17. Cirrus Logic, Inc. has a 52 week low of $92.02 and a 52 week high of $180.42.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The company had revenue of $448.52 million during the quarter, compared to analysts’ expectations of $442.25 million. During the same period last year, the firm posted $1.67 earnings per share. The business’s revenue was up 5.7% on a year-over-year basis. Research analysts forecast that Cirrus Logic, Inc. will post 8.05 earnings per share for the current year.

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.