Cerity Partners LLC Buys 13,728 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Cerity Partners LLC boosted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 435.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 16,883 shares of the semiconductor company's stock after purchasing an additional 13,728 shares during the quarter. Cerity Partners LLC's holdings in Cirrus Logic were worth $1,682,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in CRUS. Headlands Technologies LLC bought a new position in shares of Cirrus Logic in the fourth quarter valued at approximately $39,000. UMB Bank n.a. lifted its stake 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 purchasing an additional 290 shares in the last quarter. Transce3nd LLC purchased a new stake in Cirrus Logic in the 4th quarter worth approximately $63,000. Menard Financial Group LLC bought a new position in Cirrus Logic in the 4th quarter valued at $67,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Cirrus Logic by 17.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,057 shares of the semiconductor company's stock valued at $105,000 after purchasing an additional 155 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.

Insider Buying and Selling

In related news, EVP Carl Jackson Alberty sold 2,000 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total transaction of $200,000.00. Following the transaction, the executive vice president owned 41,645 shares of the company's stock, valued at approximately $4,164,500. This trade represents a 4.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alexander M. Davern sold 1,000 shares of the business's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total transaction of $105,620.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock worth $1,305,620 in the last quarter. 1.16% of the stock is owned by insiders.

Cirrus Logic Stock Down 2.6%

NASDAQ:CRUS traded down $2.63 during midday trading on Thursday, hitting $100.30. The company had a trading volume of 597,689 shares, compared to its average volume of 453,362. The company has a market capitalization of $5.15 billion, a PE ratio of 16.69 and a beta of 0.95. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46. The stock's fifty day moving average price is $103.98 and its 200-day moving average price is $100.85.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly 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. The firm had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The company's revenue was up 14.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.24 earnings per share. As a group, research analysts forecast 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 program on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 9.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Barclays increased their price objective on Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research note on Wednesday, May 7th. Finally, Wall Street Zen raised Cirrus Logic from a "buy" rating to a "strong-buy" rating in a report on Friday, July 18th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "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.