Cresset Asset Management LLC Raises Stock Position in Cirrus Logic, Inc. $CRUS

Cresset Asset Management LLC increased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 70.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 20,747 shares of the semiconductor company’s stock after purchasing an additional 8,540 shares during the period. Cresset Asset Management LLC’s holdings in Cirrus Logic were worth $2,163,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Cetera Investment Advisers boosted its position in shares of Cirrus Logic by 74.3% in the first quarter. Cetera Investment Advisers now owns 4,824 shares of the semiconductor company’s stock worth $481,000 after buying an additional 2,057 shares during the period. LPL Financial LLC raised its holdings in shares of Cirrus Logic by 20.2% during the 1st quarter. LPL Financial LLC now owns 16,026 shares of the semiconductor company’s stock valued at $1,597,000 after buying an additional 2,698 shares during the period. US Bancorp DE lifted its position in Cirrus Logic by 245.8% during the 1st quarter. US Bancorp DE now owns 4,662 shares of the semiconductor company’s stock worth $465,000 after acquiring an additional 3,314 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Cirrus Logic by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 6,420,646 shares of the semiconductor company’s stock worth $639,849,000 after acquiring an additional 24,614 shares during the period. Finally, Chicago Partners Investment Group LLC acquired a new stake in Cirrus Logic in the first quarter valued at approximately $225,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Scott Thomas sold 734 shares of the stock in a transaction on Monday, October 20th. The shares were sold at an average price of $131.25, for a total transaction of $96,337.50. Following 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Andrew Brannan sold 8,913 shares of the stock in a transaction dated 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 approximately $708,407. This trade represents a 59.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 32,100 shares of company stock worth $3,861,510 in the last ninety days. 1.16% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CRUS shares. Zacks Research raised shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 27th. Wall Street Zen downgraded shares of Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Cirrus Logic in a report on Monday, December 1st. KeyCorp raised their target price on Cirrus Logic from $135.00 to $150.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. Finally, Barclays lifted their target price on Cirrus Logic from $90.00 to $95.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Cirrus Logic presently has a consensus rating of “Moderate Buy” and a consensus target price of $141.67.

Cirrus Logic Stock Performance

Shares of CRUS stock opened at $122.53 on Tuesday. The stock has a market capitalization of $6.25 billion, a price-to-earnings ratio of 17.40 and a beta of 1.08. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $136.92. The company’s 50-day simple moving average is $123.51 and its 200-day simple moving average is $113.90.

Cirrus Logic (NASDAQ:CRUS) 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 return on equity of 19.59% and a net margin of 19.48%.The firm had revenue of $560.96 million for the quarter, compared to analysts’ expectations of $540.45 million. During the same quarter in the prior year, the firm posted $2.25 earnings per share. Cirrus Logic’s revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, research analysts forecast that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

About Cirrus Logic

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.