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

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

A number of other institutional investors have also recently added to or reduced their stakes in CRUS. Castlekeep Investment Advisors LLC acquired a new stake in Cirrus Logic during the 4th quarter worth $170,796,000. Norges Bank acquired a new stake in Cirrus Logic during the 4th quarter worth $58,723,000. Deutsche Bank AG boosted its stake in Cirrus Logic by 139.4% during the 4th quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company's stock worth $58,427,000 after purchasing an additional 341,615 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec boosted its stake in Cirrus Logic by 228.8% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 432,495 shares of the semiconductor company's stock worth $43,068,000 after purchasing an additional 300,942 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in 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. Institutional investors and hedge funds own 87.96% of the company's stock.

Cirrus Logic Price Performance

Shares of Cirrus Logic stock traded up $1.09 on Thursday, reaching $103.38. 480,809 shares of the company were exchanged, compared to its average volume of 635,241. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The company has a market cap of $5.30 billion, a P/E ratio of 17.20 and a beta of 0.95. The stock's 50 day moving average price is $104.10 and its 200-day moving average price is $100.74.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.52. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The business 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 company posted $1.24 earnings per share. The business's revenue for the quarter was up 14.2% on a year-over-year basis. On average, research analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 6th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the semiconductor company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several research firms have recently commented on CRUS. Wall Street Zen lowered Cirrus Logic from a "strong-buy" rating to a "buy" rating in a report on Thursday, June 5th. Barclays lifted their price target on Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Benchmark restated a "buy" rating and issued a $125.00 price objective on shares of Cirrus Logic in a report on Wednesday, March 19th. Finally, Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic in a 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 stock presently has an average rating of "Moderate Buy" and a consensus price target of $128.33.

Insider Transactions at Cirrus Logic

In related news, EVP Carl Jackson Alberty sold 2,000 shares of the company's stock in a transaction that occurred on 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 directly 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 document filed with the SEC, which is available through this hyperlink. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 14,001 shares of the company's stock, valued at $1,400,100. This trade represents a 41.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,000 shares of company stock valued at $1,305,620. 1.16% of the stock is currently owned by corporate insiders.

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.