Cirrus Logic, Inc. $CRUS Shares Sold by Voya Investment Management LLC

by · The Cerbat Gem

Voya Investment Management LLC cut its stake in Cirrus Logic, Inc. (NASDAQ:CRUS – Free Report) by 22.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 31,074 shares of the semiconductor company’s stock after selling 8,909 shares during the quarter. Voya Investment Management LLC’s holdings in Cirrus Logic were worth $3,893,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CRUS. Hantz Financial Services Inc. increased its stake in Cirrus Logic by 1,660.0% in the 2nd quarter. Hantz Financial Services Inc. now owns 264 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 249 shares in the last quarter. RMG Wealth Management LLC purchased a new stake in Cirrus Logic during the second quarter worth $30,000. Ameritas Advisory Services LLC acquired a new stake in Cirrus Logic in the second quarter valued at $31,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Cirrus Logic in the second quarter valued at $39,000. Finally, Geneos Wealth Management Inc. increased its position 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 valued at $47,000 after buying an additional 232 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Wall Street Analysts Forecast Growth

CRUS has been the topic of several recent research reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Cirrus Logic in a research note on Monday. Benchmark upped their price target on shares of Cirrus Logic from $125.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, November 5th. KeyCorp raised their price objective 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. Zacks Research upgraded Cirrus Logic from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 27th. Finally, Barclays upped their target price on Cirrus Logic from $90.00 to $95.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 5th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cirrus Logic currently has an average rating of “Moderate Buy” and an average price target of $141.67.

View Our Latest Research Report on CRUS

Insiders Place Their Bets

In other news, EVP Andrew Brannan sold 8,913 shares of the firm’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $119.06, for a total transaction of $1,061,181.78. Following the sale, the executive vice president owned 5,950 shares in the company, valued at $708,407. This trade represents a 59.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Thomas sold 734 shares of Cirrus Logic 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 completion of the sale, the executive vice president directly owned 26,307 shares of the company’s stock, valued at approximately $3,452,793.75. This represents a 2.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.16% of the company’s stock.

Cirrus Logic Price Performance

Shares of NASDAQ CRUS opened at $120.87 on Friday. The company has a 50-day simple moving average of $122.97 and a 200-day simple moving average of $115.85. The company has a market cap of $6.17 billion, a PE ratio of 17.17 and a beta of 1.08. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $136.92.

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

Cirrus Logic Profile

(Free Report)

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.

See Also

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