Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 9.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 436,147 shares of the semiconductor company's stock after selling 43,665 shares during the period. Bank of New York Mellon Corp owned 0.82% of Cirrus Logic worth $43,464,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Victory Capital Management Inc. increased its position in Cirrus Logic by 5.3% in the fourth quarter. Victory Capital Management Inc. now owns 47,048 shares of the semiconductor company's stock worth $4,685,000 after purchasing an additional 2,367 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Cirrus Logic in the fourth quarter worth $5,225,000. PNC Financial Services Group Inc. lifted its position in Cirrus Logic by 63.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,987 shares of the semiconductor company's stock worth $397,000 after buying an additional 1,546 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Cirrus Logic by 19.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,248 shares of the semiconductor company's stock worth $1,419,000 after buying an additional 2,320 shares during the last quarter. Finally, Swiss National Bank lifted its position in Cirrus Logic by 0.7% in the fourth quarter. Swiss National Bank now owns 105,100 shares of the semiconductor company's stock worth $10,466,000 after buying an additional 700 shares during the last quarter. Institutional investors own 87.96% of the company's stock.

Cirrus Logic Price Performance

NASDAQ CRUS traded up $0.63 during midday trading on Thursday, hitting $102.92. 32,137 shares of the company traded hands, compared to its average volume of 633,232. The company has a market cap of $5.28 billion, a PE ratio of 17.12 and a beta of 0.95. The company's 50-day simple moving average is $103.98 and its 200-day simple moving average is $100.72. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $424.46 million during the quarter, compared to analysts' expectations of $380.26 million. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The business's quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.24 EPS. On average, research analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic declared that its board has initiated a stock 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 repurchase up to 9.6% of its stock through open market purchases. Stock repurchase plans are generally 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 Jeffrey W. Baumgartner sold 10,000 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 value of $1,000,000.00. Following the sale, the executive vice president owned 14,001 shares in the company, valued at $1,400,100. This represents a 41.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexander M. Davern sold 1,000 shares of the 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 owned 20,907 shares in the company, valued at $2,208,197.34. The trade was a 4.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,000 shares of company stock worth $1,305,620. 1.16% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Stifel Nicolaus set a $120.00 price target on Cirrus Logic in a research report on Wednesday, May 7th. Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday, June 5th. Barclays upped their price objective on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Finally, Benchmark reaffirmed a "buy" rating and issued a $125.00 price objective on shares of Cirrus Logic in a research report on Wednesday, March 19th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $128.33.

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.