Denali Advisors LLC Sells 404 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Denali Advisors LLC trimmed its position in Cirrus Logic, Inc. (NASDAQ:CRUS) by 20.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,608 shares of the semiconductor company’s stock after selling 404 shares during the period. Denali Advisors LLC’s holdings in Cirrus Logic were worth $205,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Cirrus Logic in the fourth quarter valued at approximately $51,890,000. Balyasny Asset Management L.P. grew its position in Cirrus Logic by 307.2% in the 4th quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock valued at $58,777,000 after purchasing an additional 533,019 shares during the period. LSV Asset Management increased its stake in Cirrus Logic by 34.6% during the 2nd quarter. LSV Asset Management now owns 1,890,493 shares of the semiconductor company’s stock valued at $241,340,000 after purchasing an additional 486,086 shares in the last quarter. Kodai Capital Management LP acquired a new position in Cirrus Logic during the fourth quarter worth $27,072,000. Finally, Acadian Asset Management LLC raised its holdings in Cirrus Logic by 68.6% during the first quarter. Acadian Asset Management LLC now owns 460,681 shares of the semiconductor company’s stock worth $42,619,000 after buying an additional 187,438 shares during the last quarter. 87.96% of the stock is owned by institutional investors and hedge funds.

Cirrus Logic Stock Down 1.1 %

CRUS stock opened at $123.80 on Wednesday. The firm has a market cap of $6.62 billion, a PE ratio of 25.11 and a beta of 0.97. The business has a 50 day moving average of $134.90 and a 200-day moving average of $114.67. Cirrus Logic, Inc. has a 12-month low of $65.02 and a 12-month high of $147.46.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.50. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. The firm had revenue of $374.03 million during the quarter, compared to the consensus estimate of $318.41 million. During the same quarter in the prior year, the company earned $0.35 EPS. The business’s revenue for the quarter was up 18.0% on a year-over-year basis. On average, research analysts expect that Cirrus Logic, Inc. will post 5.35 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on CRUS. KeyCorp boosted their target price on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Susquehanna boosted their price objective on Cirrus Logic from $120.00 to $175.00 and gave the stock a “positive” rating in a report on Wednesday, July 17th. Barclays increased their price objective on Cirrus Logic from $110.00 to $140.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Stifel Nicolaus lifted their target price on Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Finally, StockNews.com lowered Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 15th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.33.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, VP Andrew Brannan sold 4,350 shares of Cirrus Logic stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total value of $591,774.00. Following the sale, the vice president now owns 4,004 shares of the company’s stock, valued at $544,704.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Andrew Brannan sold 4,350 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total transaction of $591,774.00. Following the completion of the sale, the vice president now owns 4,004 shares in the company, valued at approximately $544,704.16. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the completion of the sale, the senior vice president now directly owns 4,838 shares in the company, valued at approximately $637,212.98. The disclosure for this sale can be found here. 1.02% of the stock is owned by company insiders.

Cirrus Logic Profile

Cirrus Logic, Inc, a fabless semiconductor company, develops low-power high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including amplifiers; codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with integrated digital signal processing; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation for use in smartphones, tablets, laptops, AR/VR headsets, home theater systems, automotive entertainment systems, and professional audio systems.