Pallas Capital Advisors LLC Takes $735,000 Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Pallas Capital Advisors LLC bought a new position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,372 shares of the semiconductor company's stock, valued at approximately $735,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC grew its holdings in Cirrus Logic by 8.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 2,992 shares of the semiconductor company's stock valued at $298,000 after buying an additional 221 shares in the last quarter. State of New Jersey Common Pension Fund D grew its holdings in Cirrus Logic by 13.0% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 20,871 shares of the semiconductor company's stock valued at $2,078,000 after buying an additional 2,399 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Cirrus Logic by 19.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,248 shares of the semiconductor company's stock valued at $1,419,000 after buying an additional 2,320 shares in the last quarter. Intech Investment Management LLC grew its holdings in Cirrus Logic by 52.9% during the 4th quarter. Intech Investment Management LLC now owns 13,689 shares of the semiconductor company's stock valued at $1,363,000 after buying an additional 4,739 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Cirrus Logic by 1.9% during the 4th quarter. Bank of New York Mellon Corp now owns 479,812 shares of the semiconductor company's stock valued at $47,780,000 after buying an additional 9,050 shares in the last quarter. 87.96% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Jeffrey W. Baumgartner sold 10,000 shares of Cirrus Logic stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the completion of the sale, the executive vice president now directly owns 14,001 shares in the company, valued at approximately $1,400,100. This trade represents a 41.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total value of $200,000.00. Following the sale, the executive vice president now owns 41,645 shares of the company's stock, valued at approximately $4,164,500. This trade represents a 4.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock valued at $1,305,620 over the last three months. 1.16% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Benchmark reaffirmed a "buy" rating and set a $125.00 price objective on shares of Cirrus Logic in a report on Wednesday, March 19th. Barclays increased their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Stifel Nicolaus set a $120.00 price objective on shares of Cirrus Logic 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 research report on Thursday, June 5th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $128.33.

Cirrus Logic Price Performance

Shares of NASDAQ CRUS traded down $1.83 during midday trading on Friday, reaching $100.88. 353,040 shares of the stock traded hands, compared to its average volume of 640,035. The stock has a market capitalization of $5.17 billion, a PE ratio of 18.31 and a beta of 0.93. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $147.46. The company's 50 day moving average is $96.83 and its 200 day moving average is $100.37.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.52. The firm had revenue of $424.46 million during the quarter, compared to the consensus estimate of $380.26 million. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The company's quarterly revenue was up 14.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.24 EPS. As a group, equities analysts forecast that Cirrus Logic, Inc. will post 5.63 EPS for the current year.

Cirrus Logic announced that its board has authorized a stock repurchase program on Tuesday, May 6th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the semiconductor company to purchase up to 9.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

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.