Cirrus Logic, Inc. $CRUS Stock Holdings Cut by Empirical Finance LLC

by · The Markets Daily

Empirical Finance LLC cut its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS – Free Report) by 52.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 4,537 shares of the semiconductor company’s stock after selling 5,070 shares during the quarter. Empirical Finance LLC’s holdings in Cirrus Logic were worth $674,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Parallel Advisors LLC lifted its holdings in shares of Cirrus Logic by 6.2% in the fourth quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company’s stock valued at $162,000 after buying an additional 80 shares during the period. CIBC Private Wealth Group LLC grew its holdings in Cirrus Logic by 29.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company’s stock worth $46,000 after acquiring an additional 88 shares during the period. EP Wealth Advisors LLC grew its holdings in Cirrus Logic by 1.7% during the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company’s stock worth $598,000 after acquiring an additional 95 shares during the period. Diversified Trust Co raised its position in Cirrus Logic by 1.1% in the first quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company’s stock worth $1,316,000 after acquiring an additional 102 shares in the last quarter. Finally, Wedmont Private Capital raised its position in Cirrus Logic by 6.9% in the second quarter. Wedmont Private Capital now owns 1,644 shares of the semiconductor company’s stock worth $247,000 after acquiring an additional 106 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Wall Street Zen downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Zacks Research lowered shares of Cirrus Logic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 14th. Barclays cut their price objective on Cirrus Logic from $140.00 to $130.00 and set an “equal weight” rating for the company in a research report on Thursday, August 6th. Finally, Jefferies Financial Group raised Cirrus Logic to a “buy” rating in a research note on Thursday, June 4th. Five research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $150.71.

Read Our Latest Stock Analysis on Cirrus Logic

Insider Buying and Selling

In other Cirrus Logic news, EVP Andrew Brannan sold 6,464 shares of Cirrus Logic 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 in the company, valued at approximately $1,042,346.13. The trade was a 47.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey Baumgartner sold 1,458 shares of the business’s stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $145.97, for a total transaction of $212,824.26. Following the sale, the executive vice president directly owned 16,405 shares in the company, valued at approximately $2,394,637.85. This trade represents a 8.16% 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 sold a total of 11,424 shares of company stock valued at $1,644,091 in the last ninety days. Company insiders own 1.20% of the company’s stock.

Cirrus Logic Trading Up 5.2%

CRUS stock opened at $116.48 on Friday. Cirrus Logic, Inc. has a one year low of $106.26 and a one year high of $180.42. The firm has a market capitalization of $5.84 billion, a PE ratio of 14.26 and a beta of 1.16. The firm has a 50-day moving average of $126.66 and a two-hundred day moving average of $145.61.

Cirrus Logic (NASDAQ:CRUS – Get Free Report) last released its earnings results on Wednesday, August 5th. The semiconductor company reported $1.84 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $460.32 million. During the same period last year, the firm posted $1.51 earnings per share. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. On average, equities research analysts anticipate that Cirrus Logic, Inc. will post 7.32 earnings per share for the current year.

About Cirrus Logic

(Free Report)

Cirrus Logic, Inc (NASDAQ: CRUS) is a fabless semiconductor company that develops high-performance, low-power integrated circuits and related software. Its products are designed to process audio and other mixed-signal information in electronic devices, helping manufacturers deliver high-quality sound, efficient power management and responsive user experiences.

The company’s product portfolio includes audio codecs, digital-to-analog and analog-to-digital converters, amplifiers, smart codecs, haptic-control solutions and other mixed-signal components.

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