Baker Avenue Asset Management LP Acquires Shares of 2,515 Cirrus Logic, Inc. (NASDAQ:CRUS)

Key Points

• Baker Avenue Asset Management LP made a new investment of approximately $251,000 in Cirrus Logic by purchasing 2,515 shares in the first quarter.
• Cirrus Logic's stock has seen a recent increase, trading up 3.4% to $105.58, with a market cap of $5.42 billion and a strong quarterly earnings report.
• The company initiated a $500 million share buyback program, indicating that its leadership believes the stock is currently undervalued.

Baker Avenue Asset Management LP bought a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,515 shares of the semiconductor company's stock, valued at approximately $251,000.

Other large investors also recently made changes to their positions in the company. Banque Cantonale Vaudoise purchased a new position in Cirrus Logic in the first quarter valued at about $30,000. Headlands Technologies LLC bought a new position in shares of Cirrus Logic in the fourth quarter worth approximately $39,000. N.E.W. Advisory Services LLC bought a new stake in shares of Cirrus Logic in the 1st quarter worth approximately $50,000. UMB Bank n.a. grew its holdings in shares of Cirrus Logic by 124.5% during the 1st quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company's stock worth $52,000 after acquiring an additional 290 shares during the period. Finally, Transce3nd LLC bought a new position in shares of Cirrus Logic during the fourth quarter valued at approximately $63,000. Institutional investors own 87.96% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on CRUS shares. Barclays raised their price objective on Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Wall Street Zen raised 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 target on shares of Cirrus Logic in a report on Wednesday, May 7th. One 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 company. Based on data from MarketBeat.com, Cirrus Logic has a consensus rating of "Buy" and an average price target of $128.33.

Insider Transactions at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 10,000 shares of Cirrus Logic 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. The trade was a 41.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the executive vice president owned 41,645 shares in the company, valued at $4,164,500. This represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,000 shares of company stock worth $1,305,620 in the last ninety days. Insiders own 1.16% of the company's stock.

Cirrus Logic Trading Up 3.5%

NASDAQ CRUS traded up $3.36 during midday trading on Thursday, hitting $100.61. The company had a trading volume of 595,438 shares, compared to its average volume of 648,025. The firm has a 50-day moving average price of $103.81 and a 200-day moving average price of $100.86. The company has a market capitalization of $5.16 billion, a PE ratio of 15.74 and a beta of 0.92. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.52. Cirrus Logic had a return on equity of 18.34% and a net margin of 18.15%. The business had revenue of $424.46 million for the quarter, compared to analyst estimates of $380.26 million. During the same period last year, the company posted $1.24 earnings per share. Cirrus Logic's quarterly revenue was up 14.2% compared to the same quarter last year. On average, equities analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic announced that its board has initiated a share buyback plan on Tuesday, May 6th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the semiconductor company to reacquire up to 9.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are 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.