Entropy Technologies LP Makes New Investment in Cirrus Logic, Inc. (NASDAQ:CRUS)

Key Points

• Entropy Technologies LP has acquired a new stake in Cirrus Logic, Inc., purchasing 7,556 shares valued at approximately $753,000 in the 1st quarter.
• Several institutional investors have increased their holdings in Cirrus Logic, with a significant investment of $5.2 million by Raymond James Financial Inc. during the 4th quarter.
• Cirrus Logic reported earnings of $1.51 EPS for the last quarter, exceeding analyst expectations, and announced a $500 million share repurchase program, indicating confidence in its stock valuation.

Entropy Technologies LP bought a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 7,556 shares of the semiconductor company's stock, valued at approximately $753,000.

Several other institutional investors have also recently made changes to their positions in CRUS. May Hill Capital LLC grew its stake in Cirrus Logic by 5.4% during the 1st quarter. May Hill Capital LLC now owns 2,220 shares of the semiconductor company's stock valued at $221,000 after acquiring an additional 113 shares in the last quarter. Beverly Hills Private Wealth LLC raised its stake in shares of Cirrus Logic by 3.7% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 3,440 shares of the semiconductor company's stock valued at $343,000 after acquiring an additional 124 shares during the period. Allworth Financial LP boosted its position in shares of Cirrus Logic by 2.5% during the first quarter. Allworth Financial LP now owns 6,246 shares of the semiconductor company's stock worth $577,000 after buying an additional 154 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Cirrus Logic by 17.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,057 shares of the semiconductor company's stock valued at $105,000 after acquiring an additional 155 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its position in Cirrus Logic by 0.3% in the 1st quarter. State of Alaska Department of Revenue now owns 55,852 shares of the semiconductor company's stock valued at $5,565,000 after buying an additional 165 shares during the period. 87.96% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Carl Jackson Alberty sold 2,000 shares of the business's 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 sale, the executive vice president directly owned 41,645 shares of the company's stock, valued at $4,164,500. The trade was a 4.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alexander M. Davern sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total value of $105,620.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,000 shares of company stock worth $1,305,620 over the last 90 days. Company insiders own 1.16% of the company's stock.

Cirrus Logic Stock Performance

Cirrus Logic stock traded down $1.06 during trading on Friday, hitting $111.06. The company's stock had a trading volume of 535,603 shares, compared to its average volume of 645,243. The stock's fifty day moving average is $104.69 and its 200 day moving average is $101.11. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The stock has a market capitalization of $5.70 billion, a price-to-earnings ratio of 17.38 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The semiconductor company reported $1.51 earnings per share for the quarter, beating analysts' consensus estimates of $1.07 by $0.44. Cirrus Logic had a net margin of 18.15% and a return on equity of 18.38%. The firm had revenue of $407.27 million for the quarter, compared to analysts' expectations of $361.97 million. During the same period in the previous year, the company posted $1.12 earnings per share. Cirrus Logic's revenue was up 8.9% compared to the same quarter last year. On average, research analysts anticipate that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic declared that its Board of Directors has initiated a share repurchase program 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 programs are generally a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Stifel Nicolaus set a $120.00 price target on shares of Cirrus Logic in a research note on Wednesday, May 7th. Wall Street Zen cut shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research note on Monday. Finally, Barclays increased their target price on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cirrus Logic currently has a consensus rating of "Moderate Buy" and an average target price of $121.00.

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.