Simon Quick Advisors LLC Makes New Investment 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 its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,900 shares of the semiconductor company's stock, valued at approximately $389,000.

Several other hedge funds have also recently made changes to their positions in the business. Kohmann Bosshard Financial Services LLC bought a new position in Cirrus Logic during the fourth quarter valued at $28,000. Headlands Technologies LLC purchased a new position in shares of Cirrus Logic during the 4th quarter worth about $39,000. UMB Bank n.a. grew its holdings in Cirrus Logic by 124.5% during the 1st quarter. UMB Bank n.a. now owns 523 shares of the semiconductor company's stock valued at $52,000 after purchasing an additional 290 shares during the last quarter. Transce3nd LLC purchased a new stake in Cirrus Logic in the 4th quarter worth about $63,000. Finally, Menard Financial Group LLC bought a new stake in Cirrus Logic in the fourth quarter worth about $67,000. 87.96% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the 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 sale, the executive vice president now owns 14,001 shares of the company's stock, valued at $1,400,100. This represents a 41.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Alexander M. Davern sold 1,000 shares of the firm'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 transaction of $105,620.00. Following the completion of the sale, the director now owns 20,907 shares of the company's stock, valued at approximately $2,208,197.34. This trade represents 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 have sold 13,000 shares of company stock worth $1,305,620. 1.16% of the stock is currently owned by company insiders.

Cirrus Logic Stock Up 1.0%

NASDAQ:CRUS traded up $1.05 during mid-day trading on Wednesday, reaching $104.39. The company's stock had a trading volume of 144,874 shares, compared to its average volume of 637,125. Cirrus Logic, Inc. has a 1 year low of $75.83 and a 1 year high of $147.46. The stock has a fifty day moving average of $97.63 and a 200-day moving average of $100.39. The firm has a market capitalization of $5.35 billion, a PE ratio of 17.37 and a beta of 0.93.

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

Cirrus Logic announced that its board has authorized a share buyback program on Tuesday, May 6th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the semiconductor company to buy up to 9.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

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

Cirrus Logic 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.