Oak Associates Ltd. OH Raises Stake in Cirrus Logic, Inc. $CRUS

Key Points

• Oak Associates Ltd. OH increased its Cirrus Logic stake by 22.8% in the first quarter, buying 9,517 more shares and bringing its total to 51,192 shares worth about $7.4 million.
• Cirrus Logic reported strong quarterly results, with EPS of $1.95 beating estimates and revenue of $448.52 million, up 5.7% year over year.
• The stock was down 4.3% in recent trading, even as analysts maintained a generally positive stance with a consensus rating of “Moderate Buy” and an average price target of $160.29.

Oak Associates Ltd. OH boosted its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 22.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,192 shares of the semiconductor company's stock after purchasing an additional 9,517 shares during the quarter. Oak Associates Ltd. OH owned approximately 0.10% of Cirrus Logic worth $7,403,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Geneos Wealth Management Inc. lifted its holdings in shares of Cirrus Logic by 120.0% in the first quarter. Geneos Wealth Management Inc. now owns 220 shares of the semiconductor company's stock worth $32,000 after buying an additional 120 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its position in shares of Cirrus Logic by 7,333.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 223 shares of the semiconductor company's stock valued at $26,000 after acquiring an additional 220 shares during the period. Kohmann Bosshard Financial Services LLC purchased a new position in Cirrus Logic during the fourth quarter valued at approximately $33,000. Torren Management LLC purchased a new position in Cirrus Logic during the fourth quarter valued at approximately $35,000. Finally, Kestra Advisory Services LLC purchased a new position in Cirrus Logic during the fourth quarter valued at approximately $36,000. Hedge funds and other institutional investors own 87.96% of the company's stock.

Cirrus Logic Trading Down 4.3%

CRUS stock opened at $133.53 on Friday. The company's 50 day moving average is $156.93 and its 200 day moving average is $148.50. The stock has a market cap of $6.74 billion, a price-to-earnings ratio of 17.03 and a beta of 1.17. Cirrus Logic, Inc. has a 1-year low of $92.02 and a 1-year high of $180.42.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its earnings results on Wednesday, May 6th. The semiconductor company reported $1.95 earnings per share (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 business had revenue of $448.52 million during the quarter, compared to analyst estimates of $442.25 million. During the same period in the previous year, the business posted $1.67 earnings per share. Cirrus Logic's revenue for the quarter was up 5.7% on a year-over-year basis. As a group, sell-side analysts forecast that Cirrus Logic, Inc. will post 7.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CRUS has been the topic of several recent analyst reports. Stifel Nicolaus set a $197.00 target price on shares of Cirrus Logic in a research note on Thursday, May 7th. Weiss Ratings restated a "hold (c+)" rating on shares of Cirrus Logic in a research report on Wednesday, June 24th. Jefferies Financial Group raised shares of Cirrus Logic to a "buy" rating in a report on Thursday, June 4th. Barclays increased their price objective on Cirrus Logic from $120.00 to $140.00 and gave the stock an "equal weight" rating in a research report on Thursday, May 7th. Finally, KeyCorp dropped their price objective on Cirrus Logic from $200.00 to $190.00 and set an "overweight" rating for the company in a research note on Tuesday, July 14th. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Cirrus Logic has an average rating of "Moderate Buy" and an average price target of $160.29.

Insider Activity

In other news, EVP Scott Thomas sold 1,300 shares of Cirrus Logic 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 completion of 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. The transaction 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, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $159.00, for a total transaction of $159,000.00. Following the sale, the director directly owned 20,531 shares of the company's stock, valued at $3,264,429. This represents a 4.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 22,299 shares of company stock worth $3,581,647. 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.

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