Somerset Trust Co Invests $317,000 in Cirrus Logic, Inc. (NASDAQ:CRUS)

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

Several other hedge funds have also recently modified their holdings of CRUS. Castlekeep Investment Advisors LLC bought a new position in Cirrus Logic during the fourth quarter valued at approximately $170,796,000. Allianz Asset Management GmbH raised its stake in shares of Cirrus Logic by 137.2% in the fourth quarter. Allianz Asset Management GmbH now owns 1,044,880 shares of the semiconductor company's stock worth $104,049,000 after buying an additional 604,431 shares during the period. Norges Bank purchased a new position in shares of Cirrus Logic during the 4th quarter valued at about $58,723,000. Deutsche Bank AG grew its stake in shares of Cirrus Logic by 139.4% during the 4th quarter. Deutsche Bank AG now owns 586,733 shares of the semiconductor company's stock valued at $58,427,000 after acquiring an additional 341,615 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec grew its stake in shares of Cirrus Logic by 228.8% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 432,495 shares of the semiconductor company's stock valued at $43,068,000 after acquiring an additional 300,942 shares during the period. Hedge funds and other institutional investors own 87.96% of the company's stock.

Insider Transactions at Cirrus Logic

In other news, Director Alexander M. Davern sold 1,000 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $105.62, for a total transaction of $105,620.00. Following the sale, the director now directly owns 20,907 shares in the company, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.02% of the company's stock.

Cirrus Logic Stock Performance

Shares of Cirrus Logic stock traded up $2.30 on Tuesday, hitting $100.04. 713,049 shares of the company traded hands, compared to its average volume of 635,597. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $147.46. The business has a 50-day simple moving average of $95.17 and a 200 day simple moving average of $100.51. The stock has a market capitalization of $5.16 billion, a P/E ratio of 18.16 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.52. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The firm 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 firm posted $1.24 earnings per share. The business's revenue was up 14.2% compared to the same quarter last year. Research analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic announced that its Board of Directors has authorized a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 9.6% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRUS. Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a research note on Wednesday, May 7th. Barclays raised their price objective on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Wall Street Zen upgraded shares of Cirrus Logic from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, May 28th. Finally, Benchmark reaffirmed a "buy" rating and issued a $125.00 target price on shares of Cirrus Logic in a report on Wednesday, March 19th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cirrus Logic currently has an average rating of "Buy" and a consensus target price 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.