Moran Wealth Management LLC Cuts Holdings in Cirrus Logic, Inc. (NASDAQ:CRUS)

Moran Wealth Management LLC lowered its position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,354 shares of the semiconductor company's stock after selling 3,920 shares during the period. Moran Wealth Management LLC owned about 0.10% of Cirrus Logic worth $5,417,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Kohmann Bosshard Financial Services LLC bought a new stake in shares of Cirrus Logic in the 4th quarter valued at about $28,000. Headlands Technologies LLC bought a new stake in shares of Cirrus Logic in the 4th quarter valued at about $39,000. UMB Bank n.a. lifted its stake in shares of Cirrus Logic by 124.5% in the 1st quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company's stock valued at $52,000 after acquiring an additional 290 shares during the last quarter. Transce3nd LLC bought a new stake in shares of Cirrus Logic in the 4th quarter valued at about $63,000. Finally, Menard Financial Group LLC bought a new stake in shares of Cirrus Logic in the 4th quarter valued at about $67,000. Institutional investors own 87.96% of the company's stock.

Insider Transactions at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $105.62, for a total transaction of $105,620.00. Following the completion of the transaction, the director now owns 20,907 shares of the company's stock, valued at $2,208,197.34. This trade represents a 4.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $1,000,000.00. Following the transaction, the executive vice president now directly owns 14,001 shares of the company's stock, valued at approximately $1,400,100. This trade represents a 41.66% 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 valued at $1,305,620. Corporate insiders own 1.16% of the company's stock.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock traded down $1.50 during midday trading on Friday, reaching $105.98. 689,228 shares of the company's stock traded hands, compared to its average volume of 634,968. The company has a market cap of $5.44 billion, a PE ratio of 17.63 and a beta of 0.93. The stock has a 50 day moving average of $100.71 and a 200-day moving average of $100.46. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.52. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The firm had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. During the same quarter in the prior year, the company earned $1.24 EPS. The business's revenue was up 14.2% compared to the same quarter last year. On average, equities analysts anticipate that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic declared that its board has authorized a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 9.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

CRUS has been the subject of a number of recent research reports. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research note on Wednesday, May 7th. Wall Street Zen lowered Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday, June 5th. Benchmark reissued a "buy" rating and set a $125.00 target price on shares of Cirrus Logic in a research note on Wednesday, March 19th. Finally, Barclays upped their target price on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $128.33.

Cirrus Logic Company 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.