Versant Capital Management Inc Grows Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Versant Capital Management Inc increased its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS) by 1,911.1% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 362 shares of the semiconductor company’s stock after acquiring an additional 344 shares during the period. Versant Capital Management Inc’s holdings in Cirrus Logic were worth $46,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CRUS. Norges Bank purchased a new stake in shares of Cirrus Logic during the fourth quarter worth about $51,890,000. Balyasny Asset Management L.P. grew its position in shares of Cirrus Logic by 307.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 706,536 shares of the semiconductor company’s stock worth $58,777,000 after purchasing an additional 533,019 shares in the last quarter. Kodai Capital Management LP purchased a new stake in shares of Cirrus Logic during the fourth quarter worth about $27,072,000. Acadian Asset Management LLC grew its position in shares of Cirrus Logic by 68.6% during the first quarter. Acadian Asset Management LLC now owns 460,681 shares of the semiconductor company’s stock worth $42,619,000 after purchasing an additional 187,438 shares in the last quarter. Finally, DNB Asset Management AS purchased a new stake in shares of Cirrus Logic during the second quarter worth about $23,250,000. Hedge funds and other institutional investors own 87.96% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CRUS shares. StockNews.com cut Cirrus Logic from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 26th. TD Cowen increased their price target on Cirrus Logic from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Benchmark lowered Cirrus Logic from a “buy” rating to a “hold” rating in a research note on Thursday, May 16th. KeyCorp increased their price target on Cirrus Logic from $120.00 to $155.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Finally, Stifel Nicolaus increased their price target on 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 issued a buy rating to the company’s stock. According to MarketBeat.com, Cirrus Logic currently has an average rating of “Moderate Buy” and a consensus price target of $136.67.

Insider Activity

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

Cirrus Logic Price Performance

Shares of NASDAQ:CRUS traded up $2.45 during trading on Tuesday, hitting $115.31. The company had a trading volume of 632,839 shares, compared to its average volume of 459,819. The stock has a market cap of $6.16 billion, a price-to-earnings ratio of 22.89 and a beta of 0.94. Cirrus Logic, Inc. has a one year low of $65.02 and a one year high of $142.83. The company has a fifty day simple moving average of $126.58 and a two-hundred day simple moving average of $103.99.

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

Cirrus Logic 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.