Sanctuary Advisors LLC Takes $1.29 Million Position in Cirrus Logic, Inc. $CRUS

Sanctuary Advisors LLC bought a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) in the 2nd quarter, HoldingsChannel reports. The fund bought 8,671 shares of the semiconductor company’s stock, valued at approximately $1,288,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. LSV Asset Management boosted its stake in Cirrus Logic by 1.0% during the 4th quarter. LSV Asset Management now owns 2,356,245 shares of the semiconductor company’s stock valued at $279,215,000 after purchasing an additional 23,703 shares during the last quarter. Mach 1 Financial Group LLC purchased a new stake in shares of Cirrus Logic in the fourth quarter worth approximately $736,000. Arbejdsmarkedets Tillaegspension purchased a new stake in shares of Cirrus Logic in the fourth quarter worth approximately $21,988,000. Assenagon Asset Management S.A. lifted its holdings in shares of Cirrus Logic by 37.6% in the second quarter. Assenagon Asset Management S.A. now owns 213,871 shares of the semiconductor company’s stock valued at $31,766,000 after purchasing an additional 58,446 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Cirrus Logic by 2,574.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 67,791 shares of the semiconductor company’s stock valued at $8,033,000 after purchasing an additional 65,256 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company’s stock.

Cirrus Logic Price Performance

NASDAQ CRUS opened at $110.88 on Friday. The stock has a market capitalization of $5.56 billion, a price-to-earnings ratio of 13.57 and a beta of 1.18. Cirrus Logic, Inc. has a one year low of $108.81 and a one year high of $180.42. The business’s fifty day moving average is $134.99 and its 200-day moving average is $147.78.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share 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 company had revenue of $459.72 million for the quarter, compared to the consensus estimate of $460.32 million. During the same period in the previous year, the firm earned $1.51 EPS. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. Research analysts expect that Cirrus Logic, Inc. will post 7.47 EPS for the current fiscal year.

Insider Buying and Selling at Cirrus Logic

In other news, EVP Jeffrey W. Baumgartner sold 3,907 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total transaction of $658,485.78. Following the completion of the transaction, the executive vice president directly owned 17,575 shares of the company’s stock, valued at $2,962,090.50. This represents a 18.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Andrew Brannan sold 6,464 shares of the stock in a transaction that occurred on Monday, June 29th. The shares were sold at an average price of $144.71, for a total transaction of $935,405.44. Following the transaction, the executive vice president directly owned 7,203 shares of the company’s stock, valued at $1,042,346.13. This represents a 47.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 16,631 shares of company stock worth $2,536,629 over the last three months. 1.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

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

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.