Cirrus Logic, Inc. (NASDAQ:CRUS) Holdings Trimmed by California State Teachers Retirement System

California State Teachers Retirement System lessened its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 3.3% in the first quarter, HoldingsChannel reports. The firm owned 90,966 shares of the semiconductor company’s stock after selling 3,126 shares during the period. California State Teachers Retirement System’s holdings in Cirrus Logic were worth $3,827,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Royce & Associates LP raised its stake in Cirrus Logic by 48.0% during the 1st quarter. Royce & Associates LP now owns 694,702 shares of the semiconductor company’s stock valued at $29,226,000 after acquiring an additional 225,172 shares in the last quarter. Magnus Financial Group LLC bought a new stake in Cirrus Logic during the 1st quarter valued at $226,000. Acadian Asset Management LLC raised its stake in Cirrus Logic by 406.6% during the 1st quarter. Acadian Asset Management LLC now owns 42,206 shares of the semiconductor company’s stock valued at $1,776,000 after acquiring an additional 33,875 shares in the last quarter. ARP Americas LP raised its stake in Cirrus Logic by 86.2% during the 1st quarter. ARP Americas LP now owns 28,298 shares of the semiconductor company’s stock valued at $1,190,000 after acquiring an additional 13,098 shares in the last quarter. Finally, Martingale Asset Management L P raised its stake in Cirrus Logic by 2.4% during the 1st quarter. Martingale Asset Management L P now owns 54,745 shares of the semiconductor company’s stock valued at $2,304,000 after acquiring an additional 1,300 shares in the last quarter. Hedge funds and other institutional investors own 84.73% of the company’s stock.

In other news, Director David J. Tupman sold 1,541 shares of Cirrus Logic stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $49.43, for a total transaction of $76,171.63. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Scott Thomas sold 6,153 shares of Cirrus Logic stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $45.00, for a total value of $276,885.00. The disclosure for this sale can be found here. 2.79% of the stock is currently owned by company insiders.

Several brokerages have weighed in on CRUS. BidaskClub downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Friday, May 24th. Zacks Investment Research raised Cirrus Logic from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 2nd. ValuEngine downgraded Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Friday, May 17th. MKM Partners lifted their price target on Cirrus Logic to $55.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Finally, Cowen reiterated a “market perform” rating and set a $48.00 price target (up from $38.00) on shares of Cirrus Logic in a research report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Cirrus Logic has an average rating of “Hold” and a consensus price target of $45.00.

Shares of CRUS stock opened at $39.86 on Friday. Cirrus Logic, Inc. has a 1 year low of $31.25 and a 1 year high of $50.12. The firm has a market cap of $2.32 billion, a PE ratio of 20.23, a PEG ratio of 1.77 and a beta of 0.85.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Wednesday, May 1st. The semiconductor company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.04. Cirrus Logic had a return on equity of 10.65% and a net margin of 7.59%. The company had revenue of $240.44 million for the quarter, compared to analysts’ expectations of $219.67 million. During the same period last year, the firm earned $0.51 EPS. The firm’s revenue for the quarter was down 20.7% on a year-over-year basis. Sell-side analysts predict that Cirrus Logic, Inc. will post 1.5 earnings per share for the current year.

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Cirrus Logic Profile

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.

Further Reading: Oversold

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Institutional Ownership by Quarter for Cirrus Logic (NASDAQ:CRUS)

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