Massachusetts Financial Services Co. MA Boosts Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Massachusetts Financial Services Co. MA grew its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 10.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,593 shares of the semiconductor company’s stock after purchasing an additional 2,353 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Cirrus Logic were worth $3,267,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Atlas Capital Advisors LLC raised its position in Cirrus Logic by 103.0% in the first quarter. Atlas Capital Advisors LLC now owns 402 shares of the semiconductor company’s stock worth $37,000 after acquiring an additional 204 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Cirrus Logic by 72.3% in the fourth quarter. Quadrant Capital Group LLC now owns 510 shares of the semiconductor company’s stock valued at $42,000 after buying an additional 214 shares during the period. Versant Capital Management Inc lifted its position in shares of Cirrus Logic by 1,911.1% during the 2nd quarter. Versant Capital Management Inc now owns 362 shares of the semiconductor company’s stock valued at $46,000 after buying an additional 344 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Cirrus Logic by 79.5% during the 2nd quarter. GAMMA Investing LLC now owns 474 shares of the semiconductor company’s stock worth $61,000 after acquiring an additional 210 shares during the period. Finally, 1620 Investment Advisors Inc. bought a new position in Cirrus Logic during the second quarter worth about $77,000. 87.96% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on CRUS shares. Barclays upped their price target on shares of Cirrus Logic from $110.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. StockNews.com downgraded Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 15th. Susquehanna boosted their price objective on Cirrus Logic from $120.00 to $175.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. KeyCorp increased their price target on shares of Cirrus Logic from $155.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Finally, Stifel Nicolaus boosted their price objective on shares of Cirrus Logic from $110.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.33.

Insiders Place Their Bets

In other news, SVP Justin E. Dougherty sold 10,203 shares of Cirrus Logic stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $131.71, for a total value of $1,343,837.13. Following the transaction, the senior vice president now owns 4,838 shares in the company, valued at $637,212.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, VP Andrew Brannan sold 4,350 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $136.04, for a total value of $591,774.00. Following the transaction, the vice president now owns 4,004 shares in the company, valued at $544,704.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Justin E. Dougherty sold 10,203 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $131.71, for a total transaction of $1,343,837.13. Following the transaction, the senior vice president now directly owns 4,838 shares of the company’s stock, valued at $637,212.98. The disclosure for this sale can be found here. 1.02% of the stock is currently owned by insiders.

Cirrus Logic Stock Performance

Cirrus Logic stock opened at $123.11 on Friday. Cirrus Logic, Inc. has a fifty-two week low of $65.02 and a fifty-two week high of $147.46. The stock has a market cap of $6.58 billion, a P/E ratio of 24.97 and a beta of 0.97. The firm’s fifty day moving average price is $133.91 and its 200-day moving average price is $115.41.

Cirrus Logic (NASDAQ:CRUS) last announced its quarterly earnings data on Tuesday, August 6th. The semiconductor company reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.50. The company had revenue of $374.03 million for the quarter, compared to analysts’ expectations of $318.41 million. Cirrus Logic had a return on equity of 17.42% and a net margin of 16.31%. Cirrus Logic’s revenue for the quarter was up 18.0% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. On average, analysts predict that Cirrus Logic, Inc. will post 5.35 earnings per share for the current year.

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.