Arkadios Wealth Advisors Sells 2,701 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Key Points

• Arkadios Wealth Advisors has reduced its stake in Cirrus Logic, Inc. by 31.3%, now holding 5,927 shares, worth approximately $591,000.
• Insider transactions include Director Alexander M. Davern selling 1,000 shares and EVP Jeffrey W. Baumgartner selling 10,000 shares, indicating significant selling activity among company executives.
• Wall Street analysts are optimistic about Cirrus Logic, with price targets set as high as $120.00 and a current average rating of "Buy."

Arkadios Wealth Advisors cut its holdings in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 31.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,927 shares of the semiconductor company's stock after selling 2,701 shares during the quarter. Arkadios Wealth Advisors' holdings in Cirrus Logic were worth $591,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of CRUS. Banque Cantonale Vaudoise bought a new stake in shares of Cirrus Logic during the 1st quarter valued at about $30,000. Headlands Technologies LLC acquired a new position in shares of Cirrus Logic in the 4th quarter worth approximately $39,000. N.E.W. Advisory Services LLC purchased a new position in shares of Cirrus Logic in the first quarter worth approximately $50,000. UMB Bank n.a. increased its position in shares of Cirrus Logic by 124.5% in the first quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company's stock worth $52,000 after acquiring an additional 290 shares in the last quarter. Finally, Transce3nd LLC purchased a new position in shares of Cirrus Logic in the fourth quarter worth approximately $63,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cirrus Logic

In other news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total value of $105,620.00. Following the sale, the director directly owned 20,907 shares in the company, valued at $2,208,197.34. This trade represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the firm's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the executive vice president directly owned 14,001 shares of the company's stock, valued at $1,400,100. This represents a 41.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock valued at $1,305,620 over the last quarter. Corporate insiders own 1.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CRUS shares. Barclays boosted their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Wall Street Zen raised shares of Cirrus Logic from a "buy" rating to a "strong-buy" rating in a research report on Sunday. Finally, Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a research report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $128.33.

Cirrus Logic Stock Performance

Cirrus Logic stock traded up $2.75 during trading hours on Thursday, reaching $100.00. 412,746 shares of the company's stock traded hands, compared to its average volume of 647,345. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The firm has a market capitalization of $5.13 billion, a price-to-earnings ratio of 15.65 and a beta of 0.92. The firm's 50 day moving average is $103.81 and its 200-day moving average is $100.86.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly 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. The business had revenue of $424.46 million for the quarter, compared to the consensus estimate of $380.26 million. Cirrus Logic had a net margin of 18.15% and a return on equity of 18.34%. Cirrus Logic's revenue for the quarter was up 14.2% on a year-over-year basis. During the same period last year, the company posted $1.24 EPS. Analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic announced that its board has authorized a stock buyback 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 repurchase up to 9.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

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.