3,182 Shares in Cirrus Logic, Inc. (NASDAQ:CRUS) Acquired by Somerset Trust Co

Somerset Trust Co bought a new position in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 3,182 shares of the semiconductor company's stock, valued at approximately $317,000.

A number of other hedge funds have also bought and sold shares of the company. KBC Group NV grew its holdings in Cirrus Logic by 52.5% in the fourth quarter. KBC Group NV now owns 1,896 shares of the semiconductor company's stock worth $189,000 after purchasing an additional 653 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in Cirrus Logic by 34.1% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 132,578 shares of the semiconductor company's stock worth $13,202,000 after purchasing an additional 33,682 shares during the period. Janney Montgomery Scott LLC grew its holdings in Cirrus Logic by 8.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 2,992 shares of the semiconductor company's stock worth $298,000 after purchasing an additional 221 shares during the period. State of New Jersey Common Pension Fund D grew its holdings in Cirrus Logic by 13.0% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 20,871 shares of the semiconductor company's stock worth $2,078,000 after purchasing an additional 2,399 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Cirrus Logic by 19.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,248 shares of the semiconductor company's stock worth $1,419,000 after purchasing an additional 2,320 shares during the period. Institutional investors own 87.96% of the company's stock.

Insiders Place Their Bets

In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of Cirrus Logic stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total value of $105,620.00. Following the sale, the director now owns 20,907 shares of the company's stock, valued at approximately $2,208,197.34. The trade was a 4.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Carl Jackson Alberty sold 2,000 shares of Cirrus Logic stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $200,000.00. Following the completion of the sale, the executive vice president now directly owns 41,645 shares in the company, valued at approximately $4,164,500. This represents a 4.58% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,000 shares of company stock valued at $1,305,620. Company insiders own 1.02% of the company's stock.

Cirrus Logic Stock Down 1.0%

Cirrus Logic stock traded down $0.96 during midday trading on Thursday, hitting $100.05. 376,685 shares of the stock were exchanged, compared to its average volume of 637,264. Cirrus Logic, Inc. has a 52-week low of $75.83 and a 52-week high of $147.46. The stock has a market capitalization of $5.16 billion, a price-to-earnings ratio of 18.16 and a beta of 0.93. The business's 50-day moving average price is $95.14 and its 200-day moving average price is $100.51.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share for the quarter, topping 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 for the quarter, compared to analysts' expectations of $380.26 million. During the same period in the previous year, the company earned $1.24 earnings per share. The firm's revenue for the quarter was up 14.2% compared to the same quarter last year. On average, sell-side analysts predict that Cirrus Logic, Inc. will post 5.63 earnings per share for the current fiscal year.

Cirrus Logic announced that its board has initiated a stock repurchase plan on Tuesday, May 6th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 9.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a research report on Wednesday, May 7th. Wall Street Zen downgraded shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a research report on Thursday. Benchmark reissued a "buy" rating and set a $125.00 target price on shares of Cirrus Logic in a research report on Wednesday, March 19th. Finally, Barclays boosted their target price on shares of Cirrus Logic from $80.00 to $90.00 and gave the stock an "equal weight" rating in a research report 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. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $128.33.

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.