Cirrus Logic, Inc. $CRUS Shares Acquired by Vanguard Group Inc.

Vanguard Group Inc. lifted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 0.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,420,646 shares of the semiconductor company's stock after buying an additional 24,614 shares during the quarter. Vanguard Group Inc. owned approximately 12.08% of Cirrus Logic worth $639,849,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Castlekeep Investment Advisors LLC purchased a new stake in shares of Cirrus Logic in the fourth quarter valued at $170,796,000. Deutsche Bank AG raised its stake in Cirrus Logic by 139.4% in the 4th quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company's stock valued at $58,427,000 after purchasing an additional 341,615 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in Cirrus Logic by 228.8% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 432,495 shares of the semiconductor company's stock valued at $43,068,000 after purchasing an additional 300,942 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Cirrus Logic by 12.0% during the 4th quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company's stock worth $182,748,000 after purchasing an additional 196,483 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Cirrus Logic by 25,215.7% during the first quarter. GAMMA Investing LLC now owns 188,349 shares of the semiconductor company's stock worth $18,771,000 after buying an additional 187,605 shares in the last quarter. Institutional investors and hedge funds own 87.96% of the company's stock.

Insider Transactions at Cirrus Logic

In other news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the 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 $1,000,000.00. Following the completion of the transaction, the executive vice president directly owned 14,001 shares in the company, valued at approximately $1,400,100. This represents a 41.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Alexander M. Davern sold 1,000 shares of the firm'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 transaction, the director directly owned 20,907 shares of the company's stock, valued at approximately $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. Over the last three months, insiders have sold 13,000 shares of company stock valued at $1,305,620. Corporate insiders own 1.16% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CRUS. Wall Street Zen lowered shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Monday, August 11th. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research report 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 five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $121.00.

Cirrus Logic Stock Up 1.6%

Shares of CRUS stock traded up $1.75 on Monday, reaching $112.81. 151,893 shares of the stock were exchanged, compared to its average volume of 642,189. The stock has a market cap of $5.79 billion, a P/E ratio of 17.59 and a beta of 0.92. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The firm has a 50 day moving average of $104.89 and a two-hundred day moving average of $101.22.

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

Cirrus Logic announced that its board has initiated a stock buyback plan on Tuesday, May 6th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company's management believes its stock is undervalued.

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.