Algert Global LLC Increases Stock Holdings in Cirrus Logic, Inc. $CRUS

Key Points

• Algert Global LLC increased its holdings in Cirrus Logic, Inc. by 3.7%, owning a total of 64,261 shares valued at approximately $6.4 million as of the end of the most recent quarter.
• Wall Street analysts have set a consensus price target of $121.00 for Cirrus Logic, with recent ratings reflecting a mix of upgrades and downgrades from firms like Barclays and Stifel Nicolaus.
• Cirrus Logic declared a $500 million stock repurchase program, signaling confidence in the company's valuation as it allows the buyback of up to 9.6% of its shares.

Algert Global LLC boosted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 3.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 64,261 shares of the semiconductor company's stock after acquiring an additional 2,310 shares during the quarter. Algert Global LLC owned 0.12% of Cirrus Logic worth $6,404,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Banque Cantonale Vaudoise purchased a new position in Cirrus Logic during the 1st quarter valued at about $30,000. N.E.W. Advisory Services LLC purchased a new position in Cirrus Logic during the 1st quarter valued at about $50,000. UMB Bank n.a. boosted its holdings in Cirrus Logic by 124.5% during the 1st quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company's stock valued at $52,000 after acquiring an additional 290 shares during the period. Transce3nd LLC purchased a new position in Cirrus Logic during the 4th quarter valued at about $63,000. Finally, Menard Financial Group LLC purchased a new position in Cirrus Logic during the 4th quarter valued at about $67,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CRUS. Barclays lifted 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. Wall Street Zen cut Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Monday, August 11th. Finally, Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $121.00.

Insider Buying and Selling

In other Cirrus Logic news, EVP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the executive vice president owned 41,645 shares of the company's stock, valued at $4,164,500. The trade was a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total value of $105,620.00. Following the transaction, the director directly owned 20,907 shares in the company, valued at approximately $2,208,197.34. This trade represents a 4.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,000 shares of company stock worth $1,305,620 over the last 90 days. 1.16% of the stock is owned by insiders.

Cirrus Logic Stock Performance

Shares of CRUS opened at $111.06 on Monday. The stock has a 50-day simple moving average of $104.89 and a 200-day simple moving average of $101.22. The stock has a market capitalization of $5.70 billion, a PE ratio of 17.38 and a beta of 0.92. Cirrus Logic, Inc. has a 1 year low of $75.83 and a 1 year high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Tuesday, August 5th. The semiconductor company reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.44. The firm had revenue of $407.27 million during the quarter, compared to analysts' expectations of $361.97 million. Cirrus Logic had a return on equity of 18.38% and a net margin of 18.15%. The firm's revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.12 earnings per share. Analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic declared that its board has approved a stock repurchase program on Tuesday, May 6th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 9.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is 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.

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