Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Sold by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. reduced its stake in Cirrus Logic, Inc. by 20.6%, now owning 37,335 shares worth approximately $3.7 million.
• Cirrus Logic's stock has received a consensus rating of "Moderate Buy" and an average target price of $128.33 from analysts, with notable price target adjustments from Stifel Nicolaus and Barclays.
• The company has initiated a $500 million share repurchase program, indicating management's belief that the stock is currently undervalued.

Victory Capital Management Inc. lowered its stake in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 20.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,335 shares of the semiconductor company's stock after selling 9,713 shares during the period. Victory Capital Management Inc. owned approximately 0.07% of Cirrus Logic worth $3,721,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of CRUS. LSV Asset Management increased its position in shares of Cirrus Logic by 7.3% during the fourth quarter. LSV Asset Management now owns 2,256,760 shares of the semiconductor company's stock worth $224,728,000 after purchasing an additional 154,048 shares in the last quarter. Mackenzie Financial Corp lifted its stake in Cirrus Logic by 12.0% in the 4th quarter. Mackenzie Financial Corp now owns 1,835,186 shares of the semiconductor company's stock valued at $182,748,000 after buying an additional 196,483 shares in the last quarter. Castlekeep Investment Advisors LLC purchased a new position in Cirrus Logic in the 4th quarter valued at about $170,796,000. Wellington Management Group LLP lifted its stake in Cirrus Logic by 4.1% in the 4th quarter. Wellington Management Group LLP now owns 1,643,287 shares of the semiconductor company's stock valued at $163,639,000 after buying an additional 65,441 shares in the last quarter. Finally, Earnest Partners LLC lifted its stake in Cirrus Logic by 3.5% in the 4th quarter. Earnest Partners LLC now owns 1,364,140 shares of the semiconductor company's stock worth $135,841,000 after purchasing an additional 46,121 shares in the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.

Cirrus Logic Stock Down 2.1%

NASDAQ CRUS traded down $2.14 during trading hours on Thursday, hitting $101.79. 46,881 shares of the stock were exchanged, compared to its average volume of 632,555. The company has a market cap of $5.22 billion, a price-to-earnings ratio of 16.94 and a beta of 0.95. Cirrus Logic, Inc. has a 12-month low of $75.83 and a 12-month high of $147.46. The stock has a 50-day moving average of $103.69 and a 200 day moving average of $100.82.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last posted its quarterly 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. The firm had revenue of $424.46 million during the quarter, compared to analysts' expectations of $380.26 million. Cirrus Logic had a net margin of 17.48% and a return on equity of 17.66%. The firm's revenue for the quarter was up 14.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.24 earnings per share. On average, equities research analysts expect that Cirrus Logic, Inc. will post 5.63 earnings per share for the current year.

Cirrus Logic declared that its Board of Directors has authorized a stock repurchase 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 repurchase up to 9.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other Cirrus Logic 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 transaction, the director directly owned 20,907 shares in the company, valued at approximately $2,208,197.34. This represents a 4.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Jeffrey W. Baumgartner sold 10,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $100.00, for a total transaction of $1,000,000.00. Following the transaction, the executive vice president owned 14,001 shares in the company, valued at $1,400,100. The trade was a 41.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 13,000 shares of company stock valued at $1,305,620 over the last ninety days. Corporate insiders own 1.16% of the company's stock.

Analyst Upgrades and Downgrades

CRUS has been the subject of several research reports. Barclays lifted their target price on shares of Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Stifel Nicolaus set a $120.00 target price on shares of Cirrus Logic in a report on Wednesday, May 7th. Finally, Wall Street Zen cut shares of Cirrus Logic from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus 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.