Bank of Nova Scotia Invests $2.19 Million in Cirrus Logic, Inc. (NASDAQ:CRUS)

Bank of Nova Scotia acquired a new position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 21,960 shares of the semiconductor company's stock, valued at approximately $2,188,000.

A number of other large investors have also recently made changes to their positions in CRUS. Banque Cantonale Vaudoise purchased a new position in Cirrus Logic during the first quarter valued at approximately $30,000. Headlands Technologies LLC bought a new stake in shares of Cirrus Logic during the 4th quarter valued at $39,000. N.E.W. Advisory Services LLC purchased a new position in shares of Cirrus Logic during the 1st quarter valued at $50,000. UMB Bank n.a. boosted its holdings in Cirrus Logic by 124.5% in the 1st quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company's stock worth $52,000 after buying an additional 290 shares during the period. Finally, Transce3nd LLC purchased a new stake in Cirrus Logic in the 4th quarter worth $63,000. 87.96% of the stock is owned by hedge funds and other institutional investors.

Cirrus Logic Stock Up 3.2%

NASDAQ CRUS traded up $3.18 during trading on Friday, hitting $103.82. 508,682 shares of the stock traded hands, compared to its average volume of 648,518. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46. The firm has a 50-day simple moving average of $103.83 and a 200-day simple moving average of $100.86. The company has a market capitalization of $5.33 billion, a P/E ratio of 16.25 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted 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. The firm had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a net margin of 18.15% and a return on equity of 18.38%. Cirrus Logic's revenue for the quarter was up 14.2% compared to the same quarter last year. During the same period last year, the firm posted $1.24 earnings per share. As a group, research analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal 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 shares. This buyback authorization permits the semiconductor company to repurchase up to 9.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Carl Jackson Alberty sold 2,000 shares of the company's 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 sale, the executive vice president directly 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 sale was disclosed in a document filed with the SEC, which is available at 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 stock was 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 owned 14,001 shares of the company's stock, valued at approximately $1,400,100. This trade represents a 41.66% decrease in their position. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock worth $1,305,620 over the last 90 days. 1.16% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CRUS. Barclays boosted their price objective on 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 Cirrus Logic from a "buy" rating to a "strong-buy" rating in a report on Sunday, August 3rd. Finally, Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Cirrus Logic has an average rating of "Buy" and a consensus price target of $121.00.

Cirrus Logic Company 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.