Merit Financial Group LLC Invests $424,000 in Cirrus Logic, Inc. (NASDAQ:CRUS)

Merit Financial Group LLC purchased a new position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,250 shares of the semiconductor company's stock, valued at approximately $424,000.

A number of other institutional investors have also recently made changes to their positions in the company. Kohmann Bosshard Financial Services LLC purchased a new position in Cirrus Logic during the fourth quarter worth approximately $28,000. Headlands Technologies LLC acquired a new position in shares of Cirrus Logic during the 4th quarter worth about $39,000. Quent Capital LLC boosted its position in shares of Cirrus Logic by 167.2% during the 4th quarter. Quent Capital LLC now owns 473 shares of the semiconductor company's stock worth $47,000 after acquiring an additional 296 shares in the last quarter. Transce3nd LLC acquired a new stake in shares of Cirrus Logic in the 4th quarter valued at about $63,000. Finally, Menard Financial Group LLC acquired a new stake in shares of Cirrus Logic in the 4th quarter valued at about $67,000. 87.96% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, EVP Carl Jackson Alberty sold 2,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the transaction, the executive vice president now directly owns 41,645 shares of the company's stock, valued at $4,164,500. This trade represents a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $1,000,000.00. Following the completion of the transaction, the executive vice president now directly owns 14,001 shares in the company, valued at $1,400,100. This trade represents a 41.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,000 shares of company stock worth $1,305,620. 1.16% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have commented on the company. Barclays upped their price objective on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a research note on Wednesday, May 7th. Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Thursday, June 5th. Finally, Benchmark reiterated a "buy" rating and set a $125.00 target price on shares of Cirrus Logic in a report on Wednesday, March 19th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, Cirrus Logic presently has a consensus rating of "Moderate Buy" and a consensus target price of $128.33.

Cirrus Logic Stock Down 1.8%

Shares of CRUS stock traded down $1.83 during mid-day trading on Friday, hitting $100.88. 353,040 shares of the company's stock were exchanged, compared to its average volume of 640,035. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The stock has a 50-day simple moving average of $96.83 and a two-hundred day simple moving average of $100.41. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of 18.31 and a beta of 0.93.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.52. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The firm had revenue of $424.46 million for the quarter, compared to analysts' expectations of $380.26 million. During the same quarter last year, the firm earned $1.24 earnings per share. The firm's revenue for the quarter was up 14.2% compared to the same quarter last year. As a group, analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic announced that its Board of Directors has initiated a share buyback program on Tuesday, May 6th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its shares are undervalued.

About Cirrus Logic

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.