Cirrus Logic, Inc. $CRUS Stock Holdings Lowered by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 72.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,761 shares of the semiconductor company’s stock after selling 7,367 shares during the period. PNC Financial Services Group Inc.’s holdings in Cirrus Logic were worth $399,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. lifted its position in shares of Cirrus Logic by 120.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company’s stock valued at $32,000 after acquiring an additional 120 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of Cirrus Logic by 7,333.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 220 shares in the last quarter. Kohmann Bosshard Financial Services LLC acquired a new position in shares of Cirrus Logic in the 4th quarter worth $33,000. Torren Management LLC acquired a new position in shares of Cirrus Logic in the 4th quarter worth $35,000. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Cirrus Logic during the fourth quarter worth $36,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Trading Up 4.9%

Shares of CRUS stock opened at $133.59 on Wednesday. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42. The company has a market capitalization of $6.74 billion, a price-to-earnings ratio of 17.04 and a beta of 1.18. The stock’s fifty day simple moving average is $151.48 and its 200-day simple moving average is $149.12.

Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The firm had revenue of $448.52 million for the quarter, compared to analyst estimates of $442.25 million. During the same period in the previous year, the firm earned $1.67 earnings per share. Cirrus Logic’s quarterly revenue was up 5.7% on a year-over-year basis. On average, sell-side analysts predict that Cirrus Logic, Inc. will post 7.86 EPS for the current year.

Insider Buying and Selling

In related news, EVP Justin E. Dougherty sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $166.50, for a total transaction of $333,000.00. Following the transaction, the executive vice president directly owned 4,537 shares of the company’s stock, valued at approximately $755,410.50. The trade was a 30.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Scott Thomas sold 1,300 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total transaction of $234,052.00. Following the completion of the transaction, the executive vice president owned 31,048 shares in the company, valued at approximately $5,589,881.92. This represents a 4.02% 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 23,465 shares of company stock worth $3,743,219 over the last ninety days. 1.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Barclays increased their price target on Cirrus Logic from $120.00 to $140.00 and gave the company an “equal weight” rating in a research report on Thursday, May 7th. Jefferies Financial Group raised shares of Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Wednesday, June 24th. KeyCorp dropped their target price on shares of Cirrus Logic from $200.00 to $190.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 14th. Finally, Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a report on Thursday, May 7th. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $160.29.

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.