Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Purchased by Vanguard Group Inc.

Vanguard Group Inc. increased its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 0.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,420,646 shares of the semiconductor company's stock after buying an additional 24,614 shares during the period. Vanguard Group Inc. owned 12.08% of Cirrus Logic worth $639,849,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. May Hill Capital LLC lifted its position in Cirrus Logic by 5.4% during the 1st quarter. May Hill Capital LLC now owns 2,220 shares of the semiconductor company's stock worth $221,000 after acquiring an additional 113 shares during the period. Beverly Hills Private Wealth LLC lifted its position in Cirrus Logic by 3.7% during the 1st quarter. Beverly Hills Private Wealth LLC now owns 3,440 shares of the semiconductor company's stock worth $343,000 after acquiring an additional 124 shares during the period. Allworth Financial LP lifted its position in Cirrus Logic by 2.5% during the 1st quarter. Allworth Financial LP now owns 6,246 shares of the semiconductor company's stock worth $577,000 after acquiring an additional 154 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 buying an additional 155 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its stake in shares of Cirrus Logic by 0.3% during the 1st quarter. State of Alaska Department of Revenue now owns 55,852 shares of the semiconductor company's stock valued at $5,565,000 after buying an additional 165 shares during the last quarter. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cirrus Logic

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

Analyst Upgrades and Downgrades

CRUS has been the subject of a number of recent research reports. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a research note on Wednesday, May 7th. Barclays lifted their price target on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Finally, Wall Street Zen lowered Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Monday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $121.00.

Cirrus Logic Stock Performance

Shares of CRUS stock traded down $1.06 during mid-day trading on Friday, hitting $111.06. 535,603 shares of the stock were exchanged, compared to its average volume of 603,458. The stock's fifty day simple moving average is $104.89 and its two-hundred day simple moving average is $101.18. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of 17.38 and a beta of 0.92. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The semiconductor company reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.07 by $0.44. Cirrus Logic had a return on equity of 18.38% and a net margin of 18.15%. The firm had revenue of $407.27 million for the quarter, compared to analyst estimates of $361.97 million. During the same quarter last year, the company posted $1.12 earnings per share. The business's revenue was up 8.9% on a year-over-year basis. On average, research analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

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.