Inspire Advisors LLC Cuts Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Key Points

• Inspire Advisors LLC reduced its stake in Cirrus Logic, Inc. by 93.5% during the 1st quarter, now holding shares worth $206,000 after selling a significant number of shares.
• Cirrus Logic announced a share buyback program worth $500 million, indicating management's belief that the stock is undervalued.
• Recent analyst reports show a consensus rating of "Moderate Buy", with Stifel Nicolaus setting a price target of $120.00 for the stock.

Inspire Advisors LLC trimmed its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 93.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,072 shares of the semiconductor company's stock after selling 30,024 shares during the quarter. Inspire Advisors LLC's holdings in Cirrus Logic were worth $206,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Commonwealth Equity Services LLC increased its holdings in Cirrus Logic by 62.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 3,543 shares of the semiconductor company's stock worth $353,000 after purchasing an additional 1,368 shares during the period. American Century Companies Inc. increased its holdings in Cirrus Logic by 25.0% during the 4th quarter. American Century Companies Inc. now owns 80,969 shares of the semiconductor company's stock worth $8,063,000 after purchasing an additional 16,215 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its holdings in Cirrus Logic by 44.7% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 23,199 shares of the semiconductor company's stock worth $2,310,000 after purchasing an additional 7,165 shares during the period. JPMorgan Chase & Co. increased its holdings in Cirrus Logic by 21.5% during the 4th quarter. JPMorgan Chase & Co. now owns 360,188 shares of the semiconductor company's stock worth $35,868,000 after purchasing an additional 63,831 shares during the period. Finally, Norges Bank purchased a new position in Cirrus Logic during the 4th quarter worth $58,723,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Cirrus Logic Stock Up 1.4%

Shares of Cirrus Logic stock traded up $1.37 during trading on Friday, reaching $102.08. The company's stock had a trading volume of 617,397 shares, compared to its average volume of 635,116. The company has a market cap of $5.24 billion, a price-to-earnings ratio of 16.99 and a beta of 0.95. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The company has a 50-day simple moving average of $103.66 and a two-hundred day simple moving average of $100.83.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.52. The business had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The company's revenue was up 14.2% on a year-over-year basis. During the same quarter last year, the business posted $1.24 EPS. As a group, analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic declared that its Board of Directors has authorized a stock 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 reacquire up to 9.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Cirrus Logic

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 10,000 shares of Cirrus Logic stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the executive vice president owned 14,001 shares in the company, valued at approximately $1,400,100. This trade represents a 41.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total value of $105,620.00. Following the completion of the transaction, the director owned 20,907 shares of the company's stock, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,000 shares of company stock worth $1,305,620. Insiders own 1.16% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Barclays increased their target price 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. Wall Street Zen cut Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 26th. Finally, Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research report on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $128.33.

Cirrus Logic 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.