Trade Report: Today, Pillar Pacific Capital Management LLC Reached $359,000 position of Cirrus Logic Inc. (CRUS)

Today, Pillar Pacific Capital Management LLC Reached $359,000 position  of Cirrus Logic Inc. (CRUS)

Pillar Pacific Capital Management LLC continued to hold its stake in Cirrus Logic Inc. (NASDAQ:CRUS) during the third quarter, according to its most recent disclosure with the SEC. The firm owned 6,750 shares of the company’s stock at the end of the third quarter. Pillar Pacific Capital Management LLC’s holdings in Cirrus Logic were worth $359,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CRUS. Hood River Capital Management LLC increased its position in Cirrus Logic by 2.8% in the second quarter. Hood River Capital Management LLC now owns 334,438 shares of the company’s stock worth $12,973,000 after buying an additional 8,961 shares during the period. Cortina Asset Management LLC increased its position in Cirrus Logic by 51.1% in the second quarter. Cortina Asset Management LLC now owns 697,353 shares of the company’s stock valued at $27,050,000 after buying an additional 235,878 shares during the last quarter. Artemis Investment Management LLP acquired a new position in Cirrus Logic during the second quarter valued at approximately $15,251,000. CIBC World Markets Inc. acquired a new position in Cirrus Logic during the second quarter valued at approximately $1,023,000. Finally, Geode Capital Management LLC increased its position in Cirrus Logic by 0.9% in the first quarter. Geode Capital Management LLC now owns 572,093 shares of the company’s stock valued at $20,829,000 after buying an additional 5,260 shares during the last quarter. Institutional investors own 88.53% of the company’s stock.

Cirrus Logic Inc. (NASDAQ:CRUS) traded up 0.70% during midday trading on Monday, hitting $57.87. 341,036 shares of the company traded hands. The stock’s 50-day moving average price is $54.78 and its 200 day moving average price is $46.73. Cirrus Logic Inc. has a 12-month low of $25.09 and a 12-month high of $59.50. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 25.52 and a beta of 0.29.

Cirrus Logic (NASDAQ:CRUS) last issued its quarterly earnings results on Thursday, October 27th. The company reported $1.35 EPS for the quarter, topping the consensus estimate of $1.05 by $0.30. Cirrus Logic had a net margin of 11.78% and a return on equity of 18.83%. The firm had revenue of $428.62 million for the quarter, compared to analysts’ expectations of $396.75 million. During the same period in the previous year, the firm posted $0.65 EPS. The company’s revenue for the quarter was up 39.7% on a year-over-year basis. On average, equities analysts forecast that Cirrus Logic Inc. will post $4.10 EPS for the current year.

Several research firms have commented on CRUS. Zacks Investment Research raised shares of Cirrus Logic from a “hold” rating to a “strong-buy” rating and set a $63.00 target price on the stock in a research report on Wednesday, November 2nd. Craig Hallum began coverage on shares of Cirrus Logic in a research report on Monday, November 21st. They set a “hold” rating and a $60.00 target price on the stock. Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $60.00 target price (up from $50.00) on shares of Cirrus Logic in a research report on Sunday, October 30th. Stifel Nicolaus increased their target price on shares of Cirrus Logic from $62.00 to $68.00 and gave the stock a “buy” rating in a research report on Friday, October 28th. Finally, Needham & Company LLC increased their target price on shares of Cirrus Logic from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, October 28th. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $54.36.

In other Cirrus Logic news, Director Alan R. Schuele sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 1st. The shares were sold at an average price of $54.53, for a total transaction of $545,300.00. Following the sale, the director now directly owns 30,609 shares of the company’s stock, valued at approximately $1,669,108.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jason P. Rhode sold 90,156 shares of the business’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $48.57, for a total transaction of $4,378,876.92. Following the sale, the chief executive officer now directly owns 179,680 shares in the company, valued at $8,727,057.60. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.

About Cirrus Logic

Cirrus Logic, Inc is engaged in providing integrated circuits (ICs) for audio and voice signal processing applications. The Company develops analog and mixed-signal ICs for a range of customers. The Company offers two product lines: Portable Audio, and Non-Portable Audio and Other. The Company’s primary facility housing engineering, sales and marketing, and administration functions is located in Austin, Texas.

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