9,121 Shares in Cirrus Logic, Inc. (NASDAQ:CRUS) Bought by Private Client Services LLC

Private Client Services LLC purchased a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 9,121 shares of the semiconductor company's stock, valued at approximately $909,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Arizona State Retirement System lifted its stake in shares of Cirrus Logic by 0.7% during the 4th quarter. Arizona State Retirement System now owns 15,492 shares of the semiconductor company's stock worth $1,543,000 after acquiring an additional 101 shares during the last quarter. Truvestments Capital LLC raised its position in Cirrus Logic by 3.5% during the 4th quarter. Truvestments Capital LLC now owns 3,981 shares of the semiconductor company's stock valued at $396,000 after purchasing an additional 133 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Cirrus Logic by 17.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,057 shares of the semiconductor company's stock valued at $105,000 after purchasing an additional 155 shares in the last quarter. Covestor Ltd raised its position in Cirrus Logic by 21.5% during the 4th quarter. Covestor Ltd now owns 1,057 shares of the semiconductor company's stock valued at $106,000 after purchasing an additional 187 shares in the last quarter. Finally, Kendall Capital Management raised its position in Cirrus Logic by 2.4% during the 4th quarter. Kendall Capital Management now owns 9,310 shares of the semiconductor company's stock valued at $927,000 after purchasing an additional 215 shares in the last quarter. 87.96% of the stock is owned by institutional investors.

Insider Transactions at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of the business's stock in a transaction 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 transaction, the director now directly owns 20,907 shares in the company, valued at $2,208,197.34. The trade was a 4.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.02% of the company's stock.

Cirrus Logic Trading Down 2.0%

Shares of CRUS traded down $2.01 during trading hours on Friday, hitting $97.80. The company had a trading volume of 616,371 shares, compared to its average volume of 635,594. The company has a market capitalization of $5.04 billion, a PE ratio of 17.75 and a beta of 0.92. Cirrus Logic, Inc. has a one year low of $75.83 and a one year high of $147.46. The company's fifty day moving average price is $95.28 and its two-hundred day moving average price is $100.54.

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

Cirrus Logic declared that its Board of Directors has authorized a stock buyback program on Tuesday, May 6th that allows the company to buyback $500.00 million in outstanding 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 generally an indication that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CRUS shares. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a research report on Wednesday, May 7th. Benchmark reaffirmed a "buy" rating and set a $125.00 target price on shares of Cirrus Logic in a research report on Wednesday, March 19th. Barclays lifted their target price on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Finally, Wall Street Zen raised Cirrus Logic from a "buy" rating to a "strong-buy" rating in a research report on Wednesday. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $128.33.

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.