Burney Co. Reduces Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Key Points

• Burney Co. significantly reduced its stake in Cirrus Logic, selling 143,237 shares to hold only 11,010 shares, reflecting a 92.9% decrease in ownership.
• Cirrus Logic announced a $500 million stock repurchase plan, indicating confidence in the company's valuation and allowing the company to buy back up to 9.6% of its outstanding shares.
• Cirrus Logic's stock is currently trading around $101.17 with a recent market cap of $5.19 billion, and analysts have set a consensus price target of $128.33.

Burney Co. lowered its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 92.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,010 shares of the semiconductor company's stock after selling 143,237 shares during the quarter. Burney Co.'s holdings in Cirrus Logic were worth $1,097,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CRUS. Headlands Technologies LLC purchased a new stake in Cirrus Logic in the 4th quarter valued at $39,000. UMB Bank n.a. raised its position in 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 buying an additional 290 shares during the last quarter. Transce3nd LLC purchased a new position in Cirrus Logic during the 4th quarter worth $63,000. Menard Financial Group LLC purchased a new position in Cirrus Logic during the 4th quarter worth $67,000. Finally, Covestor Ltd raised its position in Cirrus Logic by 21.5% during the 4th quarter. Covestor Ltd now owns 1,057 shares of the semiconductor company's stock worth $106,000 after buying an additional 187 shares during the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Insider Buying and Selling

In related news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $1,000,000.00. Following the transaction, the executive vice president owned 14,001 shares in the company, valued at approximately $1,400,100. This trade represents a 41.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $105,620.00. Following the completion of the transaction, the director owned 20,907 shares in the company, valued at $2,208,197.34. The trade was a 4.56% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,000 shares of company stock valued at $1,305,620. Insiders own 1.16% of the company's stock.

Cirrus Logic Stock Up 0.9%

Shares of CRUS traded up $0.87 during mid-day trading on Friday, hitting $101.17. The company had a trading volume of 457,057 shares, compared to its average volume of 442,522. The business's 50-day simple moving average is $103.75 and its 200-day simple moving average is $100.81. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The stock has a market cap of $5.19 billion, a PE ratio of 16.83 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (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 business had revenue of $424.46 million for the quarter, compared to analysts' expectations of $380.26 million. During the same period last year, the company earned $1.24 earnings per share. The company's quarterly revenue was up 14.2% on a year-over-year basis. On average, sell-side analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic declared that its board has approved a stock buyback plan on Tuesday, May 6th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 9.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CRUS shares. Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a research note on Wednesday, May 7th. Wall Street Zen cut shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Finally, Barclays raised their price target on shares of 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 investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $128.33.

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.