Moran Wealth Management LLC Decreases Position in Cirrus Logic, Inc. $CRUS

Key Points

• Moran Wealth Management cut its Cirrus Logic stake by 51.3% in the first quarter, selling 23,133 shares and leaving it with 21,934 shares worth about $3.17 million.
• Cirrus Logic posted stronger-than-expected quarterly results, with EPS of $1.95 topping estimates and revenue of $448.5 million beating expectations, while revenue rose 5.7% year over year.
• Analyst sentiment remains mixed but constructive: the stock carries an average "Moderate Buy" rating and a $161.71 average price target, even as some firms raised targets and others downgraded to hold.

Moran Wealth Management LLC lessened its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 51.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 21,934 shares of the semiconductor company's stock after selling 23,133 shares during the period. Moran Wealth Management LLC's holdings in Cirrus Logic were worth $3,172,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Parallel Advisors LLC boosted its stake in Cirrus Logic by 6.2% during the 4th quarter. Parallel Advisors LLC now owns 1,368 shares of the semiconductor company's stock valued at $162,000 after purchasing an additional 80 shares during the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of Cirrus Logic by 29.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 389 shares of the semiconductor company's stock worth $46,000 after purchasing an additional 88 shares during the last quarter. Kendall Capital Management raised its stake in shares of Cirrus Logic by 0.9% in the fourth quarter. Kendall Capital Management now owns 10,600 shares of the semiconductor company's stock worth $1,256,000 after purchasing an additional 90 shares during the last quarter. EP Wealth Advisors LLC lifted its holdings in shares of Cirrus Logic by 1.7% during the second quarter. EP Wealth Advisors LLC now owns 5,739 shares of the semiconductor company's stock valued at $598,000 after purchasing an additional 95 shares in the last quarter. Finally, Diversified Trust Co lifted its holdings in shares of Cirrus Logic by 1.1% during the first quarter. Diversified Trust Co now owns 9,097 shares of the semiconductor company's stock valued at $1,316,000 after purchasing an additional 102 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.

Analyst Ratings Changes

CRUS has been the subject of several research analyst reports. KeyCorp lifted their price objective on Cirrus Logic from $175.00 to $200.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. Zacks Research cut shares of Cirrus Logic from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 27th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Cirrus Logic in a report on Wednesday, June 24th. Stifel Nicolaus set a $197.00 price target on shares of Cirrus Logic in a research note on Thursday, May 7th. Finally, Barclays boosted their price objective on shares of Cirrus Logic from $120.00 to $140.00 and gave the company an "equal weight" rating in a report on Thursday, May 7th. Five analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Cirrus Logic presently has an average rating of "Moderate Buy" and an average price target of $161.71.

Cirrus Logic Stock Performance

Shares of NASDAQ:CRUS opened at $146.24 on Monday. The stock's 50-day simple moving average is $164.19 and its two-hundred day simple moving average is $146.36. The stock has a market capitalization of $7.38 billion, a price-to-earnings ratio of 18.65 and a beta of 1.17. Cirrus Logic, Inc. has a 52-week low of $92.02 and a 52-week high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 EPS for the quarter, beating the consensus estimate of $1.76 by $0.19. Cirrus Logic had a net margin of 20.75% and a return on equity of 20.48%. The firm had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.25 million. During the same quarter in the prior year, the firm earned $1.67 EPS. The business's revenue for the quarter was up 5.7% compared to the same quarter last year. As a group, equities analysts forecast that Cirrus Logic, Inc. will post 8.05 earnings per share for the current fiscal year.

Insider Activity at Cirrus Logic

In other news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction 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 transaction, the director owned 20,531 shares in the company, valued at $3,264,429. This trade represents a 4.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Scott Thomas sold 1,300 shares of the business's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $180.04, for a total transaction of $234,052.00. Following the sale, the executive vice president directly owned 31,048 shares of the company's stock, valued at approximately $5,589,881.92. The trade was a 4.02% decrease in their position. 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. Insiders sold a total of 32,241 shares of company stock valued at $5,173,460 in the last three months. Corporate insiders own 1.20% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.