GAMMA Investing LLC Has $18.77 Million Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

GAMMA Investing LLC lifted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 25,215.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 188,349 shares of the semiconductor company's stock after acquiring an additional 187,605 shares during the period. GAMMA Investing LLC owned 0.35% of Cirrus Logic worth $18,771,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Kohmann Bosshard Financial Services LLC acquired a new position in Cirrus Logic during the 4th quarter valued at about $28,000. Headlands Technologies LLC bought a new stake in shares of Cirrus Logic during the fourth quarter valued at approximately $39,000. Quent Capital LLC boosted its position in shares of Cirrus Logic by 167.2% during the fourth quarter. Quent Capital LLC now owns 473 shares of the semiconductor company's stock worth $47,000 after buying an additional 296 shares during the period. Transce3nd LLC bought a new position in Cirrus Logic in the 4th quarter worth approximately $63,000. Finally, Menard Financial Group LLC bought a new position in Cirrus Logic in the 4th quarter worth approximately $67,000. Institutional investors and hedge funds own 87.96% of the company's stock.

Insider Buying and Selling

In other news, Director Alexander M. Davern sold 1,000 shares of the company'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 now directly owns 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 sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic 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 now directly owns 41,645 shares in the company, valued at $4,164,500. This represents a 4.58% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,000 shares of company stock worth $1,305,620. Corporate insiders own 1.02% of the company's stock.

Cirrus Logic Price Performance

Shares of Cirrus Logic stock traded up $0.99 during trading on Friday, hitting $101.04. The stock had a trading volume of 390,737 shares, compared to its average volume of 636,477. The business has a fifty day moving average of $95.16 and a two-hundred day moving average of $100.51. Cirrus Logic, Inc. has a fifty-two week low of $75.83 and a fifty-two week high of $147.46. The firm has a market cap of $5.21 billion, a P/E ratio of 18.34 and a beta of 0.93.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.15 by $0.52. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The firm had revenue of $424.46 million for the quarter, compared to analysts' expectations of $380.26 million. During the same period in the previous year, the business earned $1.24 earnings per share. Cirrus Logic's revenue for the quarter was up 14.2% compared to the same quarter last year. 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 share repurchase program on Tuesday, May 6th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the semiconductor company to reacquire up to 9.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CRUS. Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Thursday. Barclays upped their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Benchmark reiterated a "buy" rating and issued a $125.00 target price on shares of Cirrus Logic in a research report on Wednesday, March 19th. Finally, Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $128.33.

Cirrus Logic 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.