Echo Street Capital Management LLC Purchases New Shares in Cirrus Logic, Inc. (NASDAQ:CRUS)

Echo Street Capital Management LLC purchased a new stake in shares of Cirrus Logic, Inc. (NASDAQ:CRUSGet Rating) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 11,764 shares of the semiconductor company’s stock, valued at approximately $997,000.

Several other hedge funds have also added to or reduced their stakes in CRUS. Raymond James Financial Services Advisors Inc. raised its position in Cirrus Logic by 8.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 3,582 shares of the semiconductor company’s stock worth $330,000 after acquiring an additional 267 shares during the period. AlphaCrest Capital Management LLC bought a new stake in Cirrus Logic in the fourth quarter worth about $862,000. HighTower Advisors LLC raised its position in Cirrus Logic by 59.1% in the fourth quarter. HighTower Advisors LLC now owns 92,116 shares of the semiconductor company’s stock worth $8,466,000 after acquiring an additional 34,201 shares during the period. Skandinaviska Enskilda Banken AB publ bought a new stake in Cirrus Logic in the fourth quarter worth about $175,000. Finally, Aviva PLC raised its position in Cirrus Logic by 51.9% in the fourth quarter. Aviva PLC now owns 30,411 shares of the semiconductor company’s stock worth $2,798,000 after acquiring an additional 10,386 shares during the period. Institutional investors own 88.12% of the company’s stock.

Cirrus Logic Trading Up 2.5 %

Shares of NASDAQ:CRUS opened at $75.43 on Monday. The company has a 50 day moving average of $79.65 and a 200 day moving average of $79.44. The stock has a market cap of $4.22 billion, a P/E ratio of 12.74, a P/E/G ratio of 5.90 and a beta of 0.99. Cirrus Logic, Inc. has a 12 month low of $67.03 and a 12 month high of $95.84.

Cirrus Logic declared that its board has approved a share buyback program on Tuesday, August 2nd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the semiconductor company to buy up to 10.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity 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 Monday, August 8th. The shares were sold at an average price of $84.74, for a total transaction of $84,740.00. Following the completion of the transaction, the director now owns 18,875 shares of the company’s stock, valued at $1,599,467.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Cirrus Logic news, Director Alexander M. Davern sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $84.74, for a total value of $84,740.00. Following the completion of the transaction, the director now owns 18,875 shares of the company’s stock, valued at approximately $1,599,467.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Carl Jackson Alberty sold 1,823 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $88.24, for a total transaction of $160,861.52. Following the completion of the transaction, the vice president now directly owns 33,014 shares of the company’s stock, valued at approximately $2,913,155.36. The disclosure for this sale can be found here. 0.89% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have commented on CRUS. Bank of America lowered their price objective on shares of Cirrus Logic from $85.00 to $80.00 and set an “underperform” rating on the stock in a research report on Wednesday, June 29th. Needham & Company LLC boosted their price target on shares of Cirrus Logic from $85.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Susquehanna Bancshares lowered their price target on shares of Cirrus Logic to $110.00 in a research report on Monday, July 25th. Cowen boosted their price target on shares of Cirrus Logic to $100.00 in a research report on Tuesday, August 9th. Finally, Barclays lowered their price target on shares of Cirrus Logic from $120.00 to $105.00 and set an “overweight” rating on the stock in a research report on Monday, July 25th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $102.60.

Cirrus Logic Profile

(Get Rating)

Cirrus Logic, Inc, a fabless semiconductor company, provides low-power and high-precision mixed-signal processing solutions in the United States and internationally. It offers portable products, including 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 digital signal processer; boosted amplifiers; 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, hearing augmentation, and active noise cancellation.

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Institutional Ownership by Quarter for Cirrus Logic (NASDAQ:CRUS)

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