Avantax Advisory Services Inc. Grows Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Avantax Advisory Services Inc. grew its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 34.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,994 shares of the semiconductor company's stock after purchasing an additional 4,899 shares during the period. Avantax Advisory Services Inc.'s holdings in Cirrus Logic were worth $1,893,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Castlekeep Investment Advisors LLC bought a new stake in Cirrus Logic during the 4th quarter worth approximately $170,796,000. Norges Bank bought a new position in shares of Cirrus Logic in the 4th quarter worth $58,723,000. Deutsche Bank AG increased its holdings in shares of Cirrus Logic by 139.4% in the 4th quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company's stock worth $58,427,000 after buying an additional 341,615 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Cirrus Logic by 228.8% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 432,495 shares of the semiconductor company's stock worth $43,068,000 after buying an additional 300,942 shares during the last quarter. Finally, Mackenzie Financial Corp increased its holdings in shares of Cirrus Logic by 12.0% in the 4th quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company's stock worth $182,748,000 after buying an additional 196,483 shares during the last quarter. Institutional investors own 87.96% of the company's stock.

Cirrus Logic Price Performance

Cirrus Logic stock traded up $1.37 during trading hours on Friday, reaching $102.08. The stock had a trading volume of 617,397 shares, compared to its average volume of 407,952. The stock has a market cap of $5.24 billion, a PE ratio of 16.99 and a beta of 0.92. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $147.46. The company has a fifty day simple moving average of $103.71 and a 200-day simple moving average of $100.82.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.15 by $0.52. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The firm had revenue of $424.46 million during the quarter, compared to analysts' expectations of $380.26 million. During the same period last year, the company posted $1.24 EPS. The company's quarterly revenue was up 14.2% compared to the same quarter last year. Research analysts predict 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 authorized a stock repurchase program on Tuesday, May 6th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 9.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Insider Activity at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of the firm's 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 transaction, the director owned 20,907 shares of the company's stock, valued at approximately $2,208,197.34. This trade represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of Cirrus Logic stock in a transaction that occurred 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 transaction, the executive vice president directly owned 14,001 shares in the company, valued at $1,400,100. This represents a 41.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,000 shares of company stock valued at $1,305,620 in the last three months. Company insiders own 1.16% of the company's stock.

Analysts Set New Price Targets

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

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.