Versant Capital Management Inc Has $483,000 Stock Position in Cirrus Logic, Inc. (NASDAQ:CRUS)

Versant Capital Management Inc raised its position in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 503.7% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 4,848 shares of the semiconductor company's stock after buying an additional 4,045 shares during the period. Versant Capital Management Inc's holdings in Cirrus Logic were worth $483,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Kohmann Bosshard Financial Services LLC bought a new position in Cirrus Logic in the 4th quarter valued at $28,000. Headlands Technologies LLC bought a new position in Cirrus Logic in the 4th quarter valued at $39,000. Quent Capital LLC boosted its position in Cirrus Logic by 167.2% in the 4th quarter. Quent Capital LLC now owns 473 shares of the semiconductor company's stock valued at $47,000 after buying an additional 296 shares during the last quarter. R Squared Ltd bought a new position in Cirrus Logic in the 4th quarter valued at $47,000. Finally, Transce3nd LLC bought a new position in Cirrus Logic in the 4th quarter valued at $63,000. 87.96% of the stock is currently owned by institutional investors.

Insider Transactions at Cirrus Logic

In related news, Director Alexander M. Davern sold 1,000 shares of the business'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 value of $105,620.00. Following the completion of the sale, the director now directly owns 20,907 shares in the company, 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 filing with the SEC, which is accessible through this link. Corporate insiders own 1.02% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CRUS. Benchmark reiterated a "buy" rating and issued a $125.00 price objective on shares of Cirrus Logic in a research report on Wednesday, March 19th. Stifel Nicolaus set a $120.00 target price on Cirrus Logic in a report on Wednesday, May 7th. Wall Street Zen raised Cirrus Logic from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, May 28th. Finally, Barclays lifted their price target on 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 research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $128.33.

Cirrus Logic Stock Performance

Cirrus Logic stock traded down $0.62 during midday trading on Monday, reaching $97.74. 558,920 shares of the company's stock were exchanged, compared to its average volume of 635,276. Cirrus Logic, Inc. has a 52 week low of $75.83 and a 52 week high of $147.46. The firm has a market cap of $5.04 billion, a price-to-earnings ratio of 17.74 and a beta of 0.92. The stock's 50-day simple moving average is $95.28 and its 200 day simple moving average is $100.53.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The semiconductor company reported $1.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.52. Cirrus Logic had a return on equity of 16.60% and a net margin of 16.55%. The company had revenue of $424.46 million during the quarter, compared to analysts' expectations of $380.26 million. During the same quarter in the previous year, the company posted $1.24 earnings per share. The business's revenue was up 14.2% on a year-over-year basis. Research analysts forecast that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic declared that its Board of Directors has approved a stock repurchase plan on Tuesday, May 6th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the semiconductor company to repurchase up to 9.6% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors 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.