Mach 1 Financial Group LLC Purchases New Shares in Cirrus Logic, Inc. $CRUS

Key Points

• Mach 1 Financial Group disclosed a new position in Cirrus Logic, buying 6,210 shares in the fourth quarter valued at about $736,000.
• Institutional interest in Cirrus Logic remains strong, with hedge funds and other investors holding 87.96% of the company’s shares. Several firms recently increased their stakes, including Vaughan Nelson Investment Management, which boosted its position by more than 500%.
• Cirrus Logic’s latest earnings beat expectations, reporting $1.95 EPS on revenue of $448.5 million, while analysts currently rate the stock a Moderate Buy with an average price target of $161.71.

Mach 1 Financial Group LLC acquired a new stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 6,210 shares of the semiconductor company's stock, valued at approximately $736,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans increased its position in Cirrus Logic by 102.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 25,341 shares of the semiconductor company's stock valued at $3,175,000 after acquiring an additional 12,828 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in shares of Cirrus Logic by 9.8% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 129,880 shares of the semiconductor company's stock valued at $15,391,000 after buying an additional 11,607 shares during the period. Lecap Asset Management Ltd. acquired a new stake in shares of Cirrus Logic in the 4th quarter valued at $888,000. First Trust Advisors LP increased its stake in shares of Cirrus Logic by 8.2% in the 3rd quarter. First Trust Advisors LP now owns 308,735 shares of the semiconductor company's stock valued at $38,681,000 after buying an additional 23,440 shares during the period. Finally, Vaughan Nelson Investment Management L.P. increased its stake in shares of Cirrus Logic by 546.3% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 388,225 shares of the semiconductor company's stock valued at $46,005,000 after buying an additional 328,159 shares during the period. Institutional investors and hedge funds own 87.96% of the company's stock.

Analysts Set New Price Targets

CRUS has been the subject of several research reports. KeyCorp lifted their target price on Cirrus Logic from $175.00 to $200.00 and gave the company an "overweight" rating in a research note on Thursday, May 7th. Benchmark lifted their target price on Cirrus Logic from $150.00 to $160.00 and gave the company a "buy" rating in a research note on Wednesday, February 4th. Weiss Ratings reissued a "hold (c+)" rating on shares of Cirrus Logic in a research note on Friday, March 27th. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research report on Thursday, May 7th. Finally, Loop Capital cut shares of Cirrus Logic from a "buy" rating to a "hold" rating and set a $130.00 price target for the company. in a research report on Monday, February 2nd. Four analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Cirrus Logic currently has an average rating of "Moderate Buy" and a consensus target price of $161.71.

Cirrus Logic Stock Up 0.4%

Shares of Cirrus Logic stock opened at $166.62 on Friday. Cirrus Logic, Inc. has a 12 month low of $92.02 and a 12 month high of $179.00. The business has a fifty day simple moving average of $155.53 and a 200 day simple moving average of $137.21. The stock has a market cap of $8.50 billion, a PE ratio of 21.25 and a beta of 1.16.

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, topping analysts' consensus estimates of $1.76 by $0.19. Cirrus Logic had a return on equity of 20.48% and a net margin of 20.75%.The business had revenue of $448.52 million during the quarter, compared to analysts' expectations of $442.26 million. During the same period in the previous year, the firm earned $1.67 earnings per share. The firm's quarterly revenue was up 5.7% compared to the same quarter last year. Analysts expect that Cirrus Logic, Inc. will post 8.01 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Alexander M. Davern sold 1,000 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $159.00, for a total transaction of $159,000.00. Following the completion of the transaction, the director owned 20,531 shares in the company, valued at approximately $3,264,429. The trade was a 4.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John Forsyth sold 5,000 shares of the business's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.41, for a total transaction of $852,050.00. Following the transaction, the chief executive officer owned 70,016 shares of the company's stock, valued at approximately $11,931,426.56. This represents a 6.67% 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 a total of 15,942 shares of company stock valued at $2,602,864 over the last three months. Company insiders own 1.16% of the company's stock.

Cirrus Logic 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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