Chicago Partners Investment Group LLC acquired a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,324 shares of the semiconductor company's stock, valued at approximately $225,000.
Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Cirrus Logic by 0.4% during the first quarter. Vanguard Group Inc. now owns 6,420,646 shares of the semiconductor company's stock valued at $639,849,000 after acquiring an additional 24,614 shares in the last quarter. Haven Private LLC raised its holdings in shares of Cirrus Logic by 12.5% during the first quarter. Haven Private LLC now owns 2,678 shares of the semiconductor company's stock valued at $267,000 after acquiring an additional 298 shares in the last quarter. Bank of Nova Scotia bought a new position in Cirrus Logic in the first quarter worth $2,188,000. Jupiter Asset Management Ltd. raised its holdings in Cirrus Logic by 15.3% in the first quarter. Jupiter Asset Management Ltd. now owns 288,268 shares of the semiconductor company's stock worth $28,727,000 after purchasing an additional 38,291 shares in the last quarter. Finally, LSV Asset Management raised its holdings in Cirrus Logic by 6.4% in the first quarter. LSV Asset Management now owns 2,402,284 shares of the semiconductor company's stock worth $239,400,000 after purchasing an additional 145,524 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on CRUS shares. Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a report on Monday. Barclays increased their price objective on Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Finally, Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Cirrus Logic currently has a consensus rating of "Moderate Buy" and an average target price of $121.00.
Check Out Our Latest Report on CRUS
Insiders Place Their Bets
In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total value of $105,620.00. Following the transaction, the director directly owned 20,907 shares of the company's stock, valued at approximately $2,208,197.34. This trade represents a 4.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Carl Jackson Alberty sold 2,000 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was 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 directly owned 41,645 shares in the company, valued at $4,164,500. The trade was a 4.58% decrease in their ownership of the stock. 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 Down 0.9%
Shares of NASDAQ:CRUS traded down $1.06 on Friday, hitting $111.06. 535,603 shares of the company traded hands, compared to its average volume of 645,243. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $147.46. The stock has a 50 day simple moving average of $104.69 and a 200-day simple moving average of $101.11. The company has a market cap of $5.70 billion, a PE ratio of 17.38 and a beta of 0.92.
Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The semiconductor company reported $1.51 EPS for the quarter, beating the consensus estimate of $1.07 by $0.44. Cirrus Logic had a return on equity of 18.38% and a net margin of 18.15%. The company had revenue of $407.27 million for the quarter, compared to analysts' expectations of $361.97 million. During the same period last year, the firm posted $1.12 earnings per share. Cirrus Logic's revenue was up 8.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.
Cirrus Logic announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 6th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 9.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.
About Cirrus Logic
(
Free Report)
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.
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