Foster & Motley Inc. Has $4.25 Million Stock Position in Cirrus Logic, Inc. $CRUS

Key Points

• Foster & Motley Inc. increased its Cirrus Logic stake by 37.1% in the first quarter, holding 29,372 shares valued at about $4.25 million at quarter-end.
• Cirrus Logic reported better-than-expected quarterly results, with EPS of $1.95 versus $1.76 expected and revenue of $448.52 million, up 5.7% year over year.
• Analyst sentiment remains constructive, with multiple firms raising targets or upgrading the stock; Cirrus Logic now has a Moderate Buy consensus and an average price target of $161.71.

Foster & Motley Inc. boosted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 37.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,372 shares of the semiconductor company's stock after acquiring an additional 7,944 shares during the period. Foster & Motley Inc. owned 0.06% of Cirrus Logic worth $4,248,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System acquired a new position in Cirrus Logic in the first quarter valued at $2,140,000. Kestra Private Wealth Services LLC acquired a new stake in Cirrus Logic during the 1st quarter worth about $461,000. Ritholtz Wealth Management raised its position in shares of Cirrus Logic by 82.0% in the 1st quarter. Ritholtz Wealth Management now owns 11,796 shares of the semiconductor company's stock worth $1,706,000 after acquiring an additional 5,315 shares in the last quarter. Blue Trust Inc. raised its position in shares of Cirrus Logic by 7.3% in the 1st quarter. Blue Trust Inc. now owns 8,443 shares of the semiconductor company's stock worth $1,221,000 after acquiring an additional 576 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its stake in shares of Cirrus Logic by 10.5% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 1,910 shares of the semiconductor company's stock valued at $276,000 after purchasing an additional 181 shares during the period. Institutional investors own 87.96% of the company's stock.

Cirrus Logic Stock Performance

CRUS stock opened at $153.98 on Friday. The stock's 50 day simple moving average is $166.56 and its 200 day simple moving average is $145.41. Cirrus Logic, Inc. has a fifty-two week low of $92.02 and a fifty-two week high of $180.42. The company has a market cap of $7.77 billion, a P/E ratio of 19.64 and a beta of 1.15.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating analysts' consensus estimates of $1.76 by $0.19. The firm had revenue of $448.52 million during the quarter, compared to analysts' expectations of $442.25 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The company's revenue for the quarter was up 5.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.67 earnings per share. Equities analysts predict that Cirrus Logic, Inc. will post 8.05 earnings per share for the current year.

Analysts Set New Price Targets

CRUS has been the topic of several research analyst reports. Stifel Nicolaus set a $197.00 target price on Cirrus Logic in a research report on Thursday, May 7th. Weiss Ratings reissued a "hold (c+)" rating on shares of Cirrus Logic in a research note on Friday, March 27th. Jefferies Financial Group upgraded Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. KeyCorp raised their price objective on shares of Cirrus Logic from $175.00 to $200.00 and gave the stock an "overweight" rating in a research report on Thursday, May 7th. Finally, Zacks Research lowered shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Five analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Cirrus Logic has an average rating of "Moderate Buy" and a consensus price target of $161.71.

Insider Buying and Selling

In related news, EVP Scott Thomas sold 9,942 shares of Cirrus Logic stock in a transaction on Thursday, April 9th. The shares were sold at an average price of $160.11, for a total value of $1,591,813.62. Following the completion of the sale, the executive vice president owned 30,393 shares of the company's stock, valued at approximately $4,866,223.23. This trade represents a 24.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Jeffrey W. Baumgartner sold 3,907 shares of the business's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $168.54, for a total transaction of $658,485.78. Following the sale, the executive vice president owned 17,575 shares of the company's stock, valued at $2,962,090.50. This trade represents a 18.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 24,319 shares of company stock worth $4,025,230 over the last quarter. Corporate insiders own 1.20% of the company's stock.

Cirrus Logic Company Profile

Cirrus Logic, Inc, headquartered in Austin, Texas, is a fabless semiconductor company specializing in high-precision analog and mixed-signal processing solutions. The firm develops low-power, high-performance audio, voice, and power management integrated circuits, serving prominent consumer electronics OEMs. Its semiconductor devices are designed to enhance audio quality, battery life, and system integration in mobile phones, tablets, wireless headsets and other portable devices.

The company's product portfolio includes digital-to-analog converters (DACs), analog-to-digital converters (ADCs), audio codecs, power management ICs, voice processors and integrated amplifiers.

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