Cirrus Logic, Inc. (NASDAQ:CRUS) Shares Purchased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lifted its holdings in Cirrus Logic, Inc. (NASDAQ:CRUS - Free Report) by 262.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,664 shares of the semiconductor company's stock after purchasing an additional 11,346 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Cirrus Logic were worth $1,561,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of CRUS. Arizona State Retirement System increased its stake in Cirrus Logic by 0.7% during the 4th quarter. Arizona State Retirement System now owns 15,492 shares of the semiconductor company's stock worth $1,543,000 after buying an additional 101 shares in the last quarter. Truvestments Capital LLC boosted its holdings in shares of Cirrus Logic by 3.5% during the 4th quarter. Truvestments Capital LLC now owns 3,981 shares of the semiconductor company's stock worth $396,000 after purchasing an additional 133 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Cirrus Logic by 17.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,057 shares of the semiconductor company's stock worth $105,000 after purchasing an additional 155 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Cirrus Logic by 21.5% during the 4th quarter. Covestor Ltd now owns 1,057 shares of the semiconductor company's stock worth $106,000 after purchasing an additional 187 shares during the last quarter. Finally, Kendall Capital Management boosted its holdings in shares of Cirrus Logic by 2.4% during the 4th quarter. Kendall Capital Management now owns 9,310 shares of the semiconductor company's stock worth $927,000 after purchasing an additional 215 shares during the last quarter. Hedge funds and other institutional investors own 87.96% of the company's stock.

Insiders Place Their Bets

In other news, EVP Jeffrey W. Baumgartner sold 10,000 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 14,001 shares in the company, valued at approximately $1,400,100. This represents a 41.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Alexander M. Davern sold 1,000 shares of the 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 completion of the transaction, the director owned 20,907 shares in the company, valued at approximately $2,208,197.34. The trade was a 4.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,000 shares of company stock worth $1,305,620 in the last quarter. 1.16% of the stock is owned by company insiders.

Cirrus Logic Stock Up 0.8%

NASDAQ:CRUS traded up $0.83 during trading hours on Friday, reaching $110.25. 257,777 shares of the stock were exchanged, compared to its average volume of 636,174. Cirrus Logic, Inc. has a twelve month low of $75.83 and a twelve month high of $147.46. The business has a 50-day moving average of $102.63 and a two-hundred day moving average of $100.56. The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of 18.34 and a beta of 0.95.

Cirrus Logic (NASDAQ:CRUS - Get Free Report) last released its earnings results on Tuesday, May 6th. The semiconductor company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.15 by $0.52. Cirrus Logic had a return on equity of 17.66% and a net margin of 17.48%. The firm had revenue of $424.46 million during the quarter, compared to analysts' expectations of $380.26 million. During the same period in the previous year, the firm posted $1.24 EPS. Cirrus Logic's revenue for the quarter was up 14.2% 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 has initiated a share repurchase program on Tuesday, May 6th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 9.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CRUS. Benchmark restated a "buy" rating and set a $125.00 target price on shares of Cirrus Logic in a 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 cut Cirrus Logic from a "strong-buy" rating to a "buy" rating in a report on Thursday, June 5th. Finally, Barclays upped their price objective on Cirrus Logic from $80.00 to $90.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, Cirrus Logic presently has an average 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.