Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Purchased by Bayforest Capital Ltd

Bayforest Capital Ltd boosted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 923.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,743 shares of the semiconductor company's stock after acquiring an additional 6,084 shares during the quarter. Bayforest Capital Ltd's holdings in Cirrus Logic were worth $672,000 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 acquired a new stake in shares of Cirrus Logic during the 1st quarter worth about $30,000. Headlands Technologies LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth about $39,000. N.E.W. Advisory Services LLC acquired a new stake in shares of Cirrus Logic during the 1st quarter worth about $50,000. UMB Bank n.a. raised its position 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 in the last quarter. Finally, Transce3nd LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth about $63,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Trading Up 1.4%

Shares of NASDAQ:CRUS traded up $1.37 on Friday, hitting $102.08. The company had a trading volume of 617,397 shares, compared to its average volume of 407,952. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46. The business has a 50 day moving average of $103.71 and a 200 day moving average of $100.83. The company has a market cap of $5.24 billion, a PE ratio of 16.99 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.52. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The business had revenue of $424.46 million for the quarter, compared to the consensus estimate of $380.26 million. During the same period in the prior year, the business earned $1.24 earnings per share. The business's revenue was up 14.2% on a year-over-year basis. As a group, equities analysts predict that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic declared that its board has approved a share 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 generally an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Cirrus Logic

In related news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the stock in a transaction dated 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 represents a 41.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total value of $105,620.00. Following the completion of the transaction, the director directly owned 20,907 shares of the company's stock, valued at $2,208,197.34. This represents a 4.56% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,000 shares of company stock worth $1,305,620. 1.16% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th. Stifel Nicolaus set a $120.00 price target on Cirrus Logic in a research note on Wednesday, May 7th. Finally, Barclays raised their price target 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. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $128.33.

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.