Burney Co. trimmed its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 21.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,585 shares of the semiconductor company’s stock after selling 25,319 shares during the period. Burney Co. owned 0.15% of Cirrus Logic worth $3,549,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Itau Unibanco Holding S.A. increased its holdings in Cirrus Logic by 91.8% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 3,723 shares of the semiconductor company’s stock valued at $143,000 after purchasing an additional 1,782 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Cirrus Logic in the 2nd quarter valued at $216,000. Victory Capital Management Inc. acquired a new stake in shares of Cirrus Logic in the 1st quarter valued at $245,000. O Shaughnessy Asset Management LLC increased its stake in shares of Cirrus Logic by 66.1% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 6,448 shares of the semiconductor company’s stock valued at $262,000 after buying an additional 2,566 shares during the period. Finally, Hikari Power Ltd acquired a new stake in shares of Cirrus Logic in the 2nd quarter valued at $250,000. 91.95% of the stock is owned by hedge funds and other institutional investors.
Shares of Cirrus Logic stock opened at $43.84 on Wednesday. Cirrus Logic, Inc. has a 12 month low of $34.78 and a 12 month high of $58.80. The firm has a market cap of $2.68 billion, a P/E ratio of 14.00, a P/E/G ratio of 1.10 and a beta of 0.39.
Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Wednesday, August 1st. The semiconductor company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.36. Cirrus Logic had a return on equity of 17.46% and a net margin of 7.83%. The business had revenue of $254.48 million during the quarter, compared to analysts’ expectations of $231.38 million. During the same period in the previous year, the firm earned $0.81 earnings per share. The firm’s quarterly revenue was down 20.7% compared to the same quarter last year. analysts anticipate that Cirrus Logic, Inc. will post 2.66 EPS for the current year.
In related news, Director Timothy R. Dehne sold 4,171 shares of Cirrus Logic stock in a transaction on Sunday, August 26th. The stock was sold at an average price of $44.99, for a total transaction of $187,653.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 4,664 shares of company stock valued at $207,176. 2.32% of the stock is owned by insiders.
Several equities research analysts have recently commented on CRUS shares. BidaskClub raised Cirrus Logic from a “sell” rating to a “hold” rating in a research note on Saturday, June 16th. ValuEngine cut Cirrus Logic from a “sell” rating to a “strong sell” rating in a research note on Friday, August 3rd. Bank of America lifted their target price on Cirrus Logic from $28.00 to $33.00 and gave the company an “underperform” rating in a research note on Thursday, August 2nd. Susquehanna Bancshares lifted their target price on Cirrus Logic from $45.00 to $59.00 and gave the company a “positive” rating in a research note on Thursday, August 2nd. Finally, Craig Hallum lifted their target price on Cirrus Logic from $43.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, August 2nd. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $53.24.
About Cirrus Logic
Cirrus Logic, Inc, a fabless semiconductor company, develops, manufactures, and markets analog and mixed-signal integrated circuits (ICs) for a range of consumer and industrial markets. The company offers portable and non-portable audio, and other products. Its products include analog and mixed-signal audio converters, and digital signal processing products for mobile applications; codecs-chips that integrate analog-to-digital converters and digital-to-analog converters into a single IC; smart codecs, a codec with digital signal processer; boosted amplifiers; micro-electromechanical systems microphones; digital interface products; and standalone digital signal processors.
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