Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Acquired by US Bancorp DE

Key Points

• US Bancorp DE has increased its holdings in Cirrus Logic, Inc. by 245.8%, acquiring an additional 3,314 shares, bringing its total ownership to 4,662 shares valued at approximately $465,000.
• Director Alexander M. Davern and EVP Carl Jackson Alberty both sold shares recently, with Davern selling 1,000 shares and Alberty selling 2,000 shares, indicating a decrease in their ownership positions.
• Analysts have revised ratings for Cirrus Logic, with Barclays raising the price target to $90.00 and Stifel Nicolaus setting a target of $120.00, while the average consensus target price is $121.00.

US Bancorp DE lifted its stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 245.8% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,662 shares of the semiconductor company's stock after acquiring an additional 3,314 shares during the period. US Bancorp DE's holdings in Cirrus Logic were worth $465,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Banque Cantonale Vaudoise bought a new position in shares of Cirrus Logic in the first quarter valued at approximately $30,000. N.E.W. Advisory Services LLC purchased a new position in Cirrus Logic during the 1st quarter valued at about $50,000. UMB Bank n.a. lifted its stake 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 purchasing an additional 290 shares in the last quarter. Transce3nd LLC bought a new position in Cirrus Logic in the 4th quarter worth about $63,000. Finally, Menard Financial Group LLC bought a new stake in Cirrus Logic during the fourth quarter valued at approximately $67,000. Institutional investors own 87.96% of the company's stock.

Insider Activity

In other Cirrus Logic news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total value of $1,000,000.00. Following the sale, the executive vice president owned 14,001 shares in the company, valued at $1,400,100. This trade represents a 41.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Alexander M. Davern sold 1,000 shares of the firm's stock in a transaction that occurred 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 directly owned 20,907 shares in the company, 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 corporate insiders.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Stifel Nicolaus set a $120.00 price objective on Cirrus Logic in a report on Wednesday, May 7th. Wall Street Zen cut shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a report on Monday. Finally, Barclays increased 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. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $121.00.

Cirrus Logic Stock Performance

Shares of CRUS traded down $1.06 during mid-day trading on Friday, reaching $111.06. The stock had a trading volume of 535,603 shares, compared to its average volume of 645,243. The business has a fifty day moving average of $104.69 and a 200 day moving average of $101.11. Cirrus Logic, Inc. has a 12 month low of $75.83 and a 12 month high of $147.46. The firm has a market cap of $5.70 billion, a price-to-earnings ratio of 17.38 and a beta of 0.92.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The semiconductor company reported $1.51 EPS for the quarter, beating analysts' consensus estimates of $1.07 by $0.44. Cirrus Logic had a return on equity of 18.38% and a net margin of 18.15%. The company had revenue of $407.27 million during the quarter, compared to analyst estimates of $361.97 million. During the same period in the prior year, the company earned $1.12 earnings per share. The firm's revenue was up 8.9% on a year-over-year basis. On average, research analysts forecast that Cirrus Logic, Inc. will post 5.63 EPS for the current fiscal year.

Cirrus Logic declared that its Board of Directors has approved a share repurchase program on Tuesday, May 6th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the semiconductor company to reacquire up to 9.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

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.