Cirrus Logic, Inc. (NASDAQ:CRUS) Position Increased by Lazard Asset Management LLC

Lazard Asset Management LLC raised its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 61.6% in the first quarter, HoldingsChannel reports. The institutional investor owned 60,400 shares of the semiconductor company’s stock after purchasing an additional 23,016 shares during the quarter. Lazard Asset Management LLC’s holdings in Cirrus Logic were worth $5,590,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CRUS. Truvestments Capital LLC lifted its position in shares of Cirrus Logic by 20.4% in the 1st quarter. Truvestments Capital LLC now owns 4,362 shares of the semiconductor company’s stock valued at $404,000 after acquiring an additional 740 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Cirrus Logic in the 1st quarter valued at approximately $278,000. Heron Bay Capital Management lifted its position in shares of Cirrus Logic by 1.6% in the 1st quarter. Heron Bay Capital Management now owns 10,672 shares of the semiconductor company’s stock valued at $988,000 after acquiring an additional 169 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Cirrus Logic in the 1st quarter valued at approximately $176,000. Finally, CANADA LIFE ASSURANCE Co lifted its position in shares of Cirrus Logic by 3.8% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 45,404 shares of the semiconductor company’s stock valued at $4,201,000 after acquiring an additional 1,645 shares in the last quarter. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Trading Up 1.4 %

Cirrus Logic stock opened at $130.99 on Monday. The company has a market capitalization of $7.00 billion, a P/E ratio of 26.22 and a beta of 0.94. The firm’s fifty day simple moving average is $125.48 and its 200-day simple moving average is $102.09. Cirrus Logic, Inc. has a 1-year low of $65.02 and a 1-year high of $142.83.

Cirrus Logic (NASDAQ:CRUS) last released its quarterly earnings results on Tuesday, May 7th. The semiconductor company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.48. The business had revenue of $371.83 million for the quarter, compared to the consensus estimate of $320.14 million. Cirrus Logic had a net margin of 15.35% and a return on equity of 16.49%. On average, equities research analysts predict that Cirrus Logic, Inc. will post 4.75 earnings per share for the current year.

Analyst Ratings Changes

CRUS has been the subject of several research analyst reports. TD Cowen upped their price target on shares of Cirrus Logic from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Stifel Nicolaus upped their price target on shares of Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. Barclays increased their target price on shares of Cirrus Logic from $95.00 to $110.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Susquehanna increased their target price on shares of Cirrus Logic from $120.00 to $175.00 and gave the stock a “positive” rating in a research report on Wednesday, July 17th. Finally, Benchmark downgraded shares of Cirrus Logic from a “buy” rating to a “hold” rating in a research report on Thursday, May 16th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $128.57.

Insider Activity at Cirrus Logic

In related news, SVP Scott Thomas sold 11,706 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $120.72, for a total value of $1,413,148.32. Following the transaction, the senior vice president now directly owns 23,975 shares in the company, valued at approximately $2,894,262. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $115.85, for a total value of $115,850.00. Following the sale, the director now directly owns 19,332 shares in the company, valued at approximately $2,239,612.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Scott Thomas sold 11,706 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $120.72, for a total transaction of $1,413,148.32. Following the completion of the sale, the senior vice president now owns 23,975 shares in the company, valued at $2,894,262. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,706 shares of company stock worth $2,187,098. 1.02% of the stock is owned by insiders.

Cirrus Logic Company 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.