Envestnet Asset Management Inc. Grows Stake in Cirrus Logic, Inc. (NASDAQ:CRUS)

Envestnet Asset Management Inc. boosted its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Cirrus Logic by 17.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,057 shares of the semiconductor company's stock worth $105,000 after purchasing an additional 155 shares during the period. State of Alaska Department of Revenue grew its holdings in Cirrus Logic by 0.3% during the first quarter. State of Alaska Department of Revenue now owns 55,852 shares of the semiconductor company's stock worth $5,565,000 after purchasing an additional 165 shares during the period. Covestor Ltd boosted its position in Cirrus Logic by 21.5% during the fourth 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. Parallel Advisors LLC boosted its position in Cirrus Logic by 24.5% during the first quarter. Parallel Advisors LLC now owns 1,330 shares of the semiconductor company's stock worth $133,000 after purchasing an additional 262 shares during the period. Finally, UMB Bank n.a. boosted its position in Cirrus Logic by 124.5% during the first 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. Institutional investors own 87.96% of the company's stock.

Insider Buying and Selling

In related news, 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 value of $1,000,000.00. Following the completion of the sale, the executive vice president directly owned 14,001 shares of the company's stock, 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 the SEC website. Also, 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 transaction, the executive vice president directly owned 41,645 shares in the company, valued at approximately $4,164,500. This represents a 4.58% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,000 shares of company stock worth $1,305,620 in the last quarter. Insiders own 1.16% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CRUS. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a report on Wednesday, May 7th. Barclays boosted 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, Wall Street Zen upgraded shares of Cirrus Logic from a "buy" rating to a "strong-buy" rating in a research report on Friday. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cirrus Logic has an average rating of "Buy" and a consensus target price of $128.33.

Cirrus Logic Stock Down 0.5%

Cirrus Logic stock traded down $0.56 during mid-day trading on Tuesday, hitting $104.07. 129,005 shares of the stock were exchanged, compared to its average volume of 631,813. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46. The firm's fifty day simple moving average is $104.15 and its two-hundred day simple moving average is $100.79. The stock has a market capitalization of $5.34 billion, a price-to-earnings ratio of 17.31 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.52. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The firm had revenue of $424.46 million for the quarter, compared to analyst estimates of $380.26 million. During the same period in the previous year, the firm earned $1.24 earnings per share. The company's revenue was up 14.2% compared to the same quarter last year. As a group, analysts forecast 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 program on Tuesday, May 6th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to buy up to 9.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership 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.