LSV Asset Management Purchases 23,703 Shares of Cirrus Logic, Inc. $CRUS

Key Points

• LSV Asset Management increased its stake in Cirrus Logic by 1.0% in the fourth quarter, buying 23,703 additional shares and bringing its total holding to 2,356,245 shares valued at about $279.2 million.
• Cirrus Logic reported better-than-expected quarterly results, with earnings of $1.95 per share versus estimates of $1.76 and revenue of $448.52 million, up 5.7% from a year earlier.
• Shares rose 2.7% as analysts remained divided but overall positive, with a consensus “Moderate Buy” rating and an average price target of $161.71, while some insiders recently sold stock under pre-arranged trading plans.

LSV Asset Management grew its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 1.0% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,356,245 shares of the semiconductor company's stock after acquiring an additional 23,703 shares during the period. LSV Asset Management owned 4.62% of Cirrus Logic worth $279,215,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Kohmann Bosshard Financial Services LLC bought a new position in shares of Cirrus Logic in the 4th quarter valued at $33,000. Torren Management LLC bought a new position in shares of Cirrus Logic in the 4th quarter valued at $35,000. Abich Financial Wealth Management LLC bought a new position in shares of Cirrus Logic in the 3rd quarter valued at $46,000. Geneos Wealth Management Inc. lifted its stake in shares of Cirrus Logic by 95.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 476 shares of the semiconductor company's stock valued at $47,000 after acquiring an additional 232 shares during the last quarter. Finally, Rothschild Investment LLC bought a new position in shares of Cirrus Logic in the 3rd quarter valued at $48,000. 87.96% of the stock is currently owned by institutional investors.

Cirrus Logic Stock Up 2.7%

NASDAQ CRUS opened at $171.17 on Friday. The company has a market capitalization of $8.73 billion, a price-to-earnings ratio of 21.83 and a beta of 1.16. Cirrus Logic, Inc. has a twelve month low of $92.02 and a twelve month high of $179.00. The stock has a fifty day simple moving average of $156.25 and a 200 day simple moving average of $137.44.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share for the quarter, beating analysts' consensus estimates of $1.76 by $0.19. The business had revenue of $448.52 million during the quarter, compared to the consensus estimate of $442.26 million. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.Cirrus Logic's quarterly revenue was up 5.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.67 earnings per share. Research analysts expect that Cirrus Logic, Inc. will post 8.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cirrus Logic news, CEO John Forsyth sold 5,000 shares of the stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $170.41, for a total transaction of $852,050.00. Following the completion of the sale, the chief executive officer directly owned 70,016 shares in the company, valued at approximately $11,931,426.56. This trade represents a 6.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Scott Thomas sold 9,942 shares of the stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $160.11, for a total value of $1,591,813.62. Following the sale, the executive vice president owned 30,393 shares of the company's stock, valued at approximately $4,866,223.23. The trade was a 24.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 15,942 shares of company stock worth $2,602,864. Company insiders own 1.16% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on CRUS shares. Zacks Research cut Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Barclays increased their price target on Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a research note on Thursday, May 7th. Benchmark increased their price target on Cirrus Logic from $150.00 to $160.00 and gave the company a "buy" rating in a research note on Wednesday, February 4th. Stifel Nicolaus set a $197.00 price target on Cirrus Logic in a research note on Thursday, May 7th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Cirrus Logic in a research note on Friday, March 27th. Four investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Cirrus Logic has a consensus rating of "Moderate Buy" and a consensus price target of $161.71.

About Cirrus Logic

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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