Platinum Investment Management Ltd buys $8,547,060 stake in Cirrus Logic (CRUS)

Cirrus Logic (CRUS) : Platinum Investment Management Ltd scooped up 10,000 additional shares in Cirrus Logic during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 12, 2016. The investment management firm now holds a total of 167,000 shares of Cirrus Logic which is valued at $8,547,060.Cirrus Logic makes up approximately 0.19% of Platinum Investment Management Ltd’s portfolio.

Other Hedge Funds, Including , Cavalry Management Group reduced its stake in CRUS by selling 35,070 shares or 27.85% in the most recent quarter. The Hedge Fund company now holds 90,848 shares of CRUS which is valued at $4,649,601. Cirrus Logic makes up approx 4.60% of Cavalry Management Group’s portfolio. Engineers Gate Manager Lp added CRUS to its portfolio by purchasing 7,600 company shares during the most recent quarter which is valued at $388,968. Cirrus Logic makes up approx 0.03% of Engineers Gate Manager Lp’s portfolio.Eaton Vance Management reduced its stake in CRUS by selling 182,815 shares or 38.39% in the most recent quarter. The Hedge Fund company now holds 293,436 shares of CRUS which is valued at $14,935,892. Cirrus Logic makes up approx 0.04% of Eaton Vance Management’s portfolio.California State Teachers Retirement System reduced its stake in CRUS by selling 3,026 shares or 2.25% in the most recent quarter. The Hedge Fund company now holds 131,654 shares of CRUS which is valued at $6,358,888. Cirrus Logic makes up approx 0.01% of California State Teachers Retirement System’s portfolio.Meeder Asset Management Inc reduced its stake in CRUS by selling 22,811 shares or 93.75% in the most recent quarter. The Hedge Fund company now holds 1,521 shares of CRUS which is valued at $61,159. Cirrus Logic makes up approx 0.01% of Meeder Asset Management Inc’s portfolio.

Cirrus Logic closed down -0.14 points or -0.27% at $51.19 with 7,45,369 shares getting traded on Monday. Post opening the session at $51.47, the shares hit an intraday low of $50.885 and an intraday high of $51.64 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Cirrus Logic reported $0.44 EPS for the quarter, beating the analyst consensus estimate by $ 0.15 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.29. The company had revenue of $259.40 million for the quarter, compared to analysts expectations of $236.67 million. The company’s revenue was down -8.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.54 EPS.

Many Wall Street Analysts have commented on Cirrus Logic. Company shares were Reiterated by Stifel on Jul 28, 2016 to “Buy”, Firm has raised the Price Target to $ 55 from a previous price target of $46 .Company shares were Reiterated by Needham on Jul 28, 2016 to “Buy”, Firm has raised the Price Target to $ 55 from a previous price target of $50 .Cirrus Logic was Downgraded by Pacific Crest to ” Sector Weight” on Jul 5, 2016.

Cirrus Logic Inc. (Cirrus Logic) develops high-precision analog and mixed-signal integrated circuits (ICs) for a range of audio and energy markets. Cirrus Logic delivers products for consumer and professional audio automotive entertainment and targeted industrial applications including energy control energy measurement light emitting diode (LED) lighting and energy exploration. The Company also serves customers from sales offices in the United States Europe and Asia including the People’s Republic of China Hong Kong South Korea Japan Singapore Taiwan and the United Kingdom. The Audio Products segment offers analog and mixed-signal audio converter and audio DSP products. The Energy Products provides high-precision analog and mixed-signal ICs for targeted energy control energy measurement LED lighting and energy exploration applications.

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