Envestnet Asset Management Inc. Buys 11,844 Shares of Cirrus Logic, Inc. (NASDAQ:CRUS)

Envestnet Asset Management Inc. boosted its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 10.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 122,333 shares of the semiconductor company's stock after buying an additional 11,844 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.23% of Cirrus Logic worth $12,191,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRUS. Headlands Technologies LLC bought a new position in shares of Cirrus Logic during the 4th quarter worth about $39,000. UMB Bank n.a. increased its holdings in shares of Cirrus Logic by 124.5% during 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 during the period. Transce3nd LLC bought a new position in shares of Cirrus Logic during the 4th quarter worth about $63,000. Menard Financial Group LLC bought a new position in shares of Cirrus Logic during the 4th quarter worth about $67,000. Finally, Covestor Ltd increased its holdings in shares of Cirrus Logic by 21.5% during the 4th quarter. Covestor Ltd now owns 1,057 shares of the semiconductor company's stock worth $106,000 after purchasing an additional 187 shares during the period. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CRUS has been the topic of several research reports. Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a report on Wednesday, May 7th. Barclays raised 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. Finally, Wall Street Zen raised shares of Cirrus Logic from a "buy" rating to a "strong-buy" rating in a report on Friday, July 18th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cirrus Logic has an average rating of "Buy" and an average price target of $128.33.

Cirrus Logic Stock Down 1.3%

NASDAQ:CRUS traded down $1.38 on Wednesday, reaching $102.93. The stock had a trading volume of 361,871 shares, compared to its average volume of 633,779. The company has a market capitalization of $5.28 billion, a P/E ratio of 17.13 and a beta of 0.95. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The stock has a fifty day moving average price of $104.07 and a 200-day moving average price of $100.84.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.52. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The company had revenue of $424.46 million during the quarter, compared to the consensus estimate of $380.26 million. During the same period in the previous year, the firm posted $1.24 earnings per share. The company's revenue was up 14.2% on a year-over-year basis. Sell-side analysts predict 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 approved a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the semiconductor company to buy up to 9.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Cirrus Logic

In other 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 completion of the sale, the executive vice president owned 41,645 shares of the company's stock, valued at $4,164,500. This represents a 4.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the stock in a transaction 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 sale, the executive vice president directly owned 14,001 shares of the company's stock, valued at $1,400,100. This represents a 41.66% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,000 shares of company stock valued at $1,305,620. Corporate insiders own 1.16% of the company's stock.

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.