Simon Quick Advisors LLC Invests $389,000 in Cirrus Logic, Inc. (NASDAQ:CRUS)

Simon Quick Advisors LLC bought a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 3,900 shares of the semiconductor company's stock, valued at approximately $389,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kohmann Bosshard Financial Services LLC acquired a new position in Cirrus Logic in the 4th quarter worth $28,000. Headlands Technologies LLC acquired a new position in Cirrus Logic in the 4th quarter worth $39,000. UMB Bank n.a. lifted its holdings in Cirrus Logic by 124.5% in the 1st quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company's stock worth $52,000 after buying an additional 290 shares in the last quarter. Transce3nd LLC acquired a new position in Cirrus Logic in the 4th quarter worth $63,000. Finally, Menard Financial Group LLC acquired a new position in Cirrus Logic in the 4th quarter worth $67,000. Institutional investors and hedge funds own 87.96% of the company's stock.

Insider Activity at Cirrus Logic

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total value of $105,620.00. Following the transaction, the director now owns 20,907 shares in the company, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the company'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 transaction of $1,000,000.00. Following the completion of the transaction, the executive vice president now owns 14,001 shares in the company, valued at approximately $1,400,100. This represents a 41.66% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,000 shares of company stock worth $1,305,620. 1.16% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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

Cirrus Logic Trading Down 1.8%

CRUS stock traded down $1.83 on Friday, hitting $100.88. 353,040 shares of the company's stock traded hands, compared to its average volume of 640,035. Cirrus Logic, Inc. has a 1-year low of $75.83 and a 1-year high of $147.46. The stock has a market cap of $5.17 billion, a price-to-earnings ratio of 18.31 and a beta of 0.93. The stock has a fifty day moving average of $96.83 and a 200-day moving average of $100.41.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, beating the consensus estimate of $1.15 by $0.52. Cirrus Logic had a net margin of 16.55% and a return on equity of 16.60%. The business had revenue of $424.46 million during the quarter, compared to analyst estimates of $380.26 million. During the same period in the prior year, the business earned $1.24 earnings per share. The business's quarterly revenue was up 14.2% on a year-over-year basis. On average, equities research 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 stock buyback plan on Tuesday, May 6th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 9.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board 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.