Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Sold by Moran Wealth Management LLC

Moran Wealth Management LLC cut its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 6.7% in the 1st quarter, according to its most recent 13F filing with the SEC. 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 0.10% of Cirrus Logic worth $5,417,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. LSV Asset Management raised its holdings in Cirrus Logic by 7.3% in the 4th quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company's stock valued at $224,728,000 after acquiring an additional 154,048 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Cirrus Logic by 12.0% during the 4th quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company's stock worth $182,748,000 after buying an additional 196,483 shares during the last quarter. Castlekeep Investment Advisors LLC acquired a new stake in shares of Cirrus Logic during the 4th quarter worth $170,796,000. Wellington Management Group LLP increased its holdings in shares of Cirrus Logic by 4.1% during the 4th quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company's stock worth $163,639,000 after buying an additional 65,441 shares during the last quarter. Finally, Earnest Partners LLC increased its holdings in shares of Cirrus Logic by 3.5% during the 4th quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company's stock worth $135,841,000 after buying an additional 46,121 shares during the last quarter. 87.96% of the stock is currently owned by institutional investors and hedge funds.

Cirrus Logic Stock Performance

Cirrus Logic stock traded down $1.50 during trading on Friday, reaching $105.98. 689,228 shares of the company's stock were exchanged, compared to its average volume of 634,842. The company's 50-day moving average is $100.71 and its two-hundred day moving average is $100.37. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46. The firm has a market cap of $5.44 billion, a price-to-earnings ratio of 17.63 and a beta of 0.94.

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

Cirrus Logic declared that its board has authorized a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have recently commented on CRUS shares. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a report on Wednesday, May 7th. Benchmark restated a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a report on Wednesday, March 19th. Barclays upped their price objective on Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Finally, Wall Street Zen downgraded Cirrus Logic from a "strong-buy" rating to a "buy" rating in a report on Thursday, June 5th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $128.33.

Insider Buying and Selling

In other Cirrus Logic news, EVP Carl Jackson Alberty sold 2,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $100.00, for a total value of $200,000.00. Following the completion of the transaction, the executive vice president now directly owns 41,645 shares of the company's stock, valued at $4,164,500. This represents a 4.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Alexander M. Davern sold 1,000 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were 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 directly owns 20,907 shares of the company's stock, valued at approximately $2,208,197.34. The trade was a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 13,000 shares of company stock valued at $1,305,620. Company insiders own 1.16% of the company's stock.

About Cirrus Logic

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.